Wednesday Prep
Overall, a balanced day with a break above Monday’s high but failing to move through 2900. Not particularly clean price action and my zone placement was poor today. This is something to be aware of if choosing zones when trading inside prior day ranges and the market has traded through many times before in that time.
The failure to hold above my bull/bear zone at 93-95 leaves me thinking this was just a short term bounce and we could be setting up to take out Monday’s weak low at 2866. Until the market holds above 93-95, I’ve a short term bearish/neutral bias.
Overnight so far has ranged between 2875.50-91.25, with weakness in the past hour or so dropping 14 points. If we don’t see a correction to the overnight short positioning after the open this could be a sign of more serious selling. Some caution might be needed on longs below the 70.50-71.50 zone as that’s back below last month’s low and potential to bring in more sellers again.
Today’s zones below showing the overnight and yesterday’s RTH profiles split out: