Jun 22nd - Day 2 of Fed Chair Powell Testimony, Feds Bowman and Mester Speeches, ECB Guindos Speech Recap from yesterday June 20th and context bulding: Scenario 1’s pullback longs around 4416 was not it as we continue the trend of gapping down at open. Sellers were in control from A-C periods before finding support around the VAL of the CPI, and FOMC merged values around 4404 with the day’s low at 4403.
Looking at the most interesting levels for today and the key daily setups/scenarios
Jun 21st - ECB Schnabel Speech, Fed Chair Powell, Cook, and Jefferson Testimonies, Fed Goolsbee and Mester Speeches Recap from yesterday June 20th: A period high was 4442.50, and the pivot for the day was 4440. The open was straight into scenario 1 to monitor longs at 4430. The low for the A period was 4431.50. There was heavy absorption at the highs, and once buyers figured it out, a long liquidation ensued during the B period, which traversed the merged CPI and FOMC sessions.
Breakdown of todays key levels / area of interest and 3 possible bigger timeframe setups
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.
FatCat won't bring out a course and sells his premarket prep instead
The importance of Trade Prep If you know me you do know how much I hate paid content / courses and material. Thats also the reason I promise I’ll never do paid ones myself. Cause I am probably one of the very frew traders not motivated by money. I am motivated by performance and I wanna become one of the best traders out there (eventually) Money is just the way trading success is kinda measured.
Weekly Analysis for Jun 19th-23th and Daily Scenarios
Jun 19th - Jun 23rd | Building Permits, Fed Chair Powell, Cook, and Jefferson Testimony, Feds Williams, Goolsbee, Mester, Waller, Bulletized information carried forward • Price points of interest: 4232, 4215, 4205, 4200, 4190, 4180, 4170, 4165/60, 4140, 4125, and 4100
• Waterfall moment may occur at 4075
• From ATH and October 2022 lows: 61.8%: 4309.25, 50%: 4155.25, 38.2%: 4001
• The high of Aug 16th, 2022, at 4327.50