Good afternoon!
We are reaching out mid-month point and our first OPEX week of Q3. It’s quite crazy to think that we are already half way through the year.
This past week was a combination of a slow grind, two directional price action, and some extensions of range on upside. Although it was quite condensed, that probability was quite high considering how many inside bars/structures we had. So it wasn’t surprising that they capped range on both ends, sustaining above 6238 and just beneath 6341 - roughly 6 points on each end. Again, this was mostly due to the neutral open we had this past week at 6307 and the slight reduction beneath 6314-6315.
The biggest takeaway this past week was how well aligned our price points were and the reductions based on our opening ranges + the existing market dynamics (inside ranges/limitations). “Massive area of confluence this week is around 6340-6341-6342 (33/34 pts off neutral range (6308-6310) as well as 128-132 pt break from the 256 pt break off June 23rd (6215 area) — Structural holds for this week are best around 6238-6248 (in the channel)” - ✔️ weekly low ended up being 6246-6247 with weekly highs stalling 6335.50. Essentially just above 6238-6239 and just beneath 6341-6342.
So, can we expect some better odds this week in terms of range and probabilities? Or does that window stay closed a little bit longer, continuing this slow grind trend?