August 8

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Once again we continue to see price action around the 6349 BZ level. We had a couple of liquidation breaks during the first half of the session that took us back into the prior day’s value area but the selling stalled near 6340 which is the bottom of the Balance Zone. Stronger sellers would’ve taken out the prior day’s low in order to prevent continuation of Daily One Time Framing Higher.

• We now have some “B period” single prints between 6386.25 and 6397.25. The top of these single prints adds confluence to the 6400 psychological level. This is the area that sellers now need to defend going into the last trading day of the week. If buyers can fill these single prints we will most likely see a move back to All Time Highs.

Bullish Scenarios:

• Longs above 6378 targeting 6397.25.

• Longs above 6407 targeting 6436.

Bearish Scenarios:

• Shorts below 6349 targeting 6320 followed by 6262.