I thought I would keep today's post pre-open short and sweet. There are a number of Daily charts in Asia that I am looking at that I find very interesting indeed and I will put these up later in the day.
The XJO short term trend remains up and pullbacks over the last few days have been shallow. However, we still have not hit the first target yet at 4315/4320 and I believe we will do so before any meaningful pullback ensues.
XJO 60mins:
Clear resistance zone coming in at 4315/4320. This is the obvious target for now and this is the area to lighten up longs if u managed to catch this move especailly into the weekend. Support is down at 4260/50 but I don't think we will see this before the top end of the range is clipped.
XJO Cash 5mins:
Today we will retest Wednesdays highs at 4295. Any failure to sell out of here early opens up a push into the res zone at 4315/4320.
My SPI June Range: 4290 to 4335. Outlier levels 4280 and the moon.
My SPI day trading plan: The SPI June is indicated at 4310 early. Given the roll, my continuous charts are somewhat out of sync and there is not enough data/volume yet to show meaningful chart levels for the June. Thus referencing that XJO cash chart will be paramount over the next few days/weeks.
The Intraday range has been relatively small for the past 2 days and fading at strategic spots has worked well. Given the small range, there is the possibility we breakout today to test those previous highs. Thus my plan today is to short fade 4315 out of the blocks with tight stops. If we fail to sell there then I will look to flip long and target those cash highs which correlates to 4330 in the June contract. Up there I will look for candle confirmation to short fade once more. On the downside, I will look to buy 4300 with tight stops. Any break of 4300 opens up a potential retest of 4280 but I doubt we trade this low today.
Thanks
Austin
