Modified levels and scenarios for the 20th of June from the weekly outlook because of Mondays trading holiday.

The OVN inventory is net short with Friday’s settlement and last price at 4453.75 and 4448.25, respectively.

As of 6:00 AM CST, if we were to open here, we would have an upper gap as we are trading within the merged CPI and FOMC sessions.

The scenarios will be modified as we are far from the values/areas planned over the extended weekend.

With my pivot now at 4440 instead of 4465

Scenario 1:

Monitor 4430 for longs, or around 4424/23, the VAH of the merged CPI and FOMC sessions. We may traverse to the VAL at 4404, with POC at 4416. If we head down early in the morning session and possibly play for the gap fill toward settlement or the last price.

Scenario 2:

Go for the gap fill at open toward settlement or the last price, with a possible target of the NTPOC of the 6/16 session at 4472.50. And leading into scenario 3 for a possible fade. Which is from the original plan.

Scenario 3:

Fade 4472 - 4475 (this area has some confluences), with the pivot being closely watched. The pivot may also act as an aggressive short entry point. Obstacles for further downside are the 6/16 low/settlement and last price, possibly toward 4440

As always credits to Jontron!