May 16

Discord access link: https://discord.gg/UPbu6PZFDp

Today we saw a classic “look below the prior day’s range & fail” which resulted in the “inside day breakout failure”. Whenever we have an inside day breakout that fails we usually see a reversal that takes us to the inside day’s opposite extreme.

• Not only did we see the move towards the prior day’s, we also saw the repair of Tuesday’s “poor high”. With this move buyers left single prints in the profile between 5905.50 and 5915. These single prints add confluence to the 5910 BZ level.

• I’m going to be monitoring for buyers above the 5925 BZ level since we have today’s Point of Control at 5927.50 which adds confluence to Tuesday’s high at 5927.

Bullish Scenarios:

• Longs above 5925 or above 5940 targeting 5969.

Bearish Scenarios:

• Shorts below 5905 targeting 5881.

• Shorts below 5881 targeting 5823.

Nasdaq:

• Longs above 21,400.00 or above 21,488.00 targeting 21,661.00.

• Shorts below 21,385.00 targeting 21,243.00.

• Shorts below 21,243.00 targeting 20,930.00.