6/16: Daily Recap, Outlook, and Trading Plan
Recap
In the past few weeks, traders have witnessed the power of simple technical analysis in cutting through the noise and negativity, leading to account-changing growth. The market has been on a strong rally, with every intraday dip being bought. Yesterday saw another melt-up, and while a pullback is expected soon, the focus remains on reacting level to level and watching for support failures as a warning that the trend may be changing.
The Markets Overnight
🌏 Asia: Up
🌍 Europe: Up
🌎 US Index Futures: Up slightly
🛢 Crude Oil: Up
💵 Dollar: Up slightly
🧐 Yields: Up
🔮 Crypto: Mixed
World Headline
Key Structures
Support Levels
4467 (major)-4462, 4450-53 (major), 4440, 4430-33 (major), 4419, 4413 (major), 4395-4400 (major), 4385, 4368 (major), 4351 (major), 4338-42 (major), 4329, 4318-20 (major)
Resistance Levels
4477 (major), 4484, 4502 (major), 4515 (major), 4524, 4530-35 (major), 4545 (major), 4561, 4571, 4585 (major)
Trading Plan
Wrap Up
Today is OPEX day, which is notoriously difficult for trading. After a strong week of gains, it's important to be cautious with new long positions and to focus on reacting to the market's movements. The easy money has been made, and traders should be prepared for a pullback or extended consolidation phase. The focus remains on reacting level to level and watching for support failures as a warning that the trend may be changing.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decisions.
In the past few weeks, traders have witnessed the power of simple technical analysis in cutting through the noise and negativity, leading to account-changing growth. The market has been on a strong rally, with every intraday dip being bought. Yesterday saw another melt-up, and while a pullback is expected soon, the focus remains on reacting level to level and watching for support failures as a warning that the trend may be changing.
The Markets Overnight
🌏 Asia: Up
🌍 Europe: Up
🌎 US Index Futures: Up slightly
🛢 Crude Oil: Up
💵 Dollar: Up slightly
🧐 Yields: Up
🔮 Crypto: Mixed
World Headline
- China rallies on expectation a major stimulus program is imminent.
- EU CPI holds steady, inline with expectations.
- Quad witching today and US markets closed Monday.
Key Structures
- The large white rising channel structure from the March low, with support at 4245 and resistance at 4467.
- The core breakout level from June 1st/2nd at 4274-84.
- 4390-95, which was the Tuesday low, the Wednesday FOMC low, and yesterday's low.
- 4430, which is the most recent breakout level from Wednesday.
Support Levels
4467 (major)-4462, 4450-53 (major), 4440, 4430-33 (major), 4419, 4413 (major), 4395-4400 (major), 4385, 4368 (major), 4351 (major), 4338-42 (major), 4329, 4318-20 (major)
Resistance Levels
4477 (major), 4484, 4502 (major), 4515 (major), 4524, 4530-35 (major), 4545 (major), 4561, 4571, 4585 (major)
Trading Plan
- The next targets in line are 4503 followed by 4515.
- The new support levels are established at 4477 and 4467-62.
- Bears: 4430 needs to fail at least for any significant pullback.
Wrap Up
Today is OPEX day, which is notoriously difficult for trading. After a strong week of gains, it's important to be cautious with new long positions and to focus on reacting to the market's movements. The easy money has been made, and traders should be prepared for a pullback or extended consolidation phase. The focus remains on reacting level to level and watching for support failures as a warning that the trend may be changing.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decisions.
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