Two main levels I am watching here are 5471 monthly resistance and 5315 the resistance level for the monthly inside bar setup. This monthly bar close will be very important if we close above 5315 as it confirms a break of the monthly inside bar setup. That coupled with the positive Prelim GDP figures makes it likely we will target 5830 and 1.60 medium term providing we can break through 5471.
Today
Upper profile distribution from the 16th July has stalled price this morning. Point of control from the 16th is at 5424 which gave us a small bounce earlier....price bounced of 5436 to be exact and is again trying to make new day highs ...Few things to note..looks like we are forming a upper distribution in the same area as the profile distribution from the 16/07. Therefore expect us to range around here for a while. I would expect us to test 5471 again given how close we are and there is a small group of single prints just below that level from the 15th.
Today’s Prelim GDP volatility has left a 70 pip trail of single prints between our current position and the lower distribution formed through Asia and early this morning. If you are shorting up here them bottom of them prints would be a good TP. 5321 zone.
Stocky
Today
Upper profile distribution from the 16th July has stalled price this morning. Point of control from the 16th is at 5424 which gave us a small bounce earlier....price bounced of 5436 to be exact and is again trying to make new day highs ...Few things to note..looks like we are forming a upper distribution in the same area as the profile distribution from the 16/07. Therefore expect us to range around here for a while. I would expect us to test 5471 again given how close we are and there is a small group of single prints just below that level from the 15th.
Today’s Prelim GDP volatility has left a 70 pip trail of single prints between our current position and the lower distribution formed through Asia and early this morning. If you are shorting up here them bottom of them prints would be a good TP. 5321 zone.
Stocky