June Wrap Up

7200 Retest or 7500 Break?

Good afternoon!

The week ended up essentially back to square one after Thursday nights late report. The goal to end the week was to at the very least attempt to sustain 7354-7358 which we were successful in doing. Then, retrace 7421-7454, with 7479-7481 being a slight probability relative to overall strength. We were able to trigger 7454-7459 in real time on Friday but were unsuccessful in clearing and sustaining above 7421, hence retracing back to 7368-7371 into the close and pinning at 7395-7397 zone.

We are already aware that 7399-7408-7411 is required at the absolute minimum in terms of risk mitigation and neutralizing odds, so this will clearly be one of the first conditions to kick off the week this week. But before we get into that, we will quickly recap the overall week and set some metrics for the week ahead. We are also closing off the month this ween and starting a brand new quarter which is vital.

We’re essentially within a battle between 7221 and 7621 here, with a median between 7358-7558, hence keeping us stuck in between. We have conflicting patterns on multiple timeframes, some stuck inside, some 3 bar down formations, and some flags which are delayed until post July 6th-15th. These variables (asides from hitting annual range 2 weeks ago), are contributing to this back and forth PA.

Which end will break?