Level :
Current Balance 4378.50 - 4321.50
Resistance 4349.50 - 45.25 // 4362.75 - 59.50 Key Resistance 4378.50 - 74.75
Targets if accept over 4389.75 - 92.25 Area to accept over for continuation to VAL
Support 4327.25 - 21.50 Key Support 4310 - 07.25
Targets if can get through HTF Support 4291.50 - 85.75 // 4272 - 65.50 Would need to accept under for any continuation towards the GAP under 4250.
Last Week :
Marked opened and consolidated around the Edge area with a test and fail over it which gave us a nice move towards lower targets for the week filling Contract Roll Gap and testing HTF Key Support top which provided a nice bid and pushed the market back into the Contract Roll Gap area which was market off as potential place to either bounce or find Support at and so far we have built up inside it and failed to take it out again on Friday.
This Week :
This might be a tricky week, we have made a big move lower since the start of the move from week 9.17 - 9.22, we had balance extension x 4 to get here and so far looks like might have found new Current Balance maybe at least for short term to do some cleaning ? It is a start of a new month and we do have market moving data and events this week so we will have to see if we actually stay in this 4378.50 - 4321.50 Balance or not. I would think we could at least hold within until mid week or so to build up some more structure to show us the way.
If Balance :
We are looking to spend some time in this 4378.50 - 4321.50 area and trade with in our Resistance areas are 4349.50 - 45.25 // 4362.75 - 59.50 Key Resistance 4378.50 - 74.75
Support in this 4331.50 - 27.25 - 21.50 areas ? Would need to accept Over/Under Key Resistance / Current Support areas to try and move out of balance.
For More Downside :
To see more downside ideally we would want to build up more over 4327 - 21 and then get a break / continuation towards Key Support at 4310 - 07.25 area which would be the spot to watch for more continuation and we could target HTF Support high and possibly low with targets at 4291.50 - 85.75 // 4272 - 65.50 this would be spot to get through to try and target lower Gap area under 4250. We would need either more supply build up or selling volume to get us to those areas this week. If heavy volume could see 4240 - 30 - 20s area.
For Upside :
To see upside from here we would want to build up in this range and start taking out Resistance areas to make a run at the Edge and 4378.50 - 74.75 would be Key Resistance to watch acceptance over to be able to target 4392.25 and VAL area above. We would need either a strong bid or run out of selling above 4370s in order to try and continue higher this week.