Last Week :
Last week it looked like we found balance inside the Value of 5368 - 5207 Range and I was early trying to call a potential Intraday balance range to be spending time around, instead market pushed back into VAH which was the spot where many were shorting the first time around and most likely the spot where a lot were shorting on that move inside Tuesday Globex/Wednesday RTH expecting a bigger move down but instead market failed to get back under VAH and pushed out trapping and squeezing shorts into the upper Edge again. We spent Thursday and Friday Globex building Supply inside it which got flushed back down under the Edge and Key area of 5341 - 36 but that was all the supply we had for now and we were able to get back inside 5386.50 - 36 Intraday Range and find balance inside it as we pushed above the Edge hit Key area and came back inside the Means of the range to close inside the Edge.
This Week :
Maybe this will finally become our range to find longer term balance in ? Market has been ripping up and down through intraday ranges back and forth without spending too much time in each, it has been a while since we had longer term balancing action and after big moves and everyone getting used to expansions to the upside and downside I think Market needs that and has been looking for a place to do that.
Of course we have to be careful and adapt if things change but so far what the structure is showing us is that we are at ATH and at Key HTF Area, we don't have strong size buyers up here who want to keep pushing us higher as we saw from fails at and over this 5368 area, we can see that buyers most likely put together their cost inside lower Value above VAL after we flushed it and came back in, meaning here smart long will be sellers but for now this is the only supply that we have since are at ATH which means for any bigger back fills or moves lower we either need SIZE sellers which we might not get up here since its Summer time and they don't see any structure or build up of enough supply which they could later use to cover lower with if they would sell up here since market ran out of Supply lower.
IF this is the case then this will potentially be our Balance area here between above VAL and VAH of lower HTF Range, this tells us that any moves to or under Key Supports could find their way back inside the Edge and moves above the Edge top and above 5386 - 81 Key Resistance that don't find acceptance in or above VAL would find their way back inside the Edge as well.
We are in a new month and this area could be our balance for some time, and we have to be careful with looking for too much continuation above or below these areas for time being. To see acceptance higher we would need to see market build up over Edge top and take out VAL and balance around 5397 - 5412 area without coming back in, and to find acceptance lower again we would need to be able to hold under Key Support and push back into VAL without coming back over, until then will be looking to trade 5386.50 - 36 Intraday Range.
Levels to Watch :
Current Range 5386.50 - 5336
5386.50 - 81.50 Key Resistance
5356 - 52 // 5370.50 - 66.50 Means - where price will want to keep returning towards and balance between
5341 - 36 Key Support
IF Accept over Key Resistance, range is 5432 - 81.50
5432 - 27 Key Resistance
5401.50 - 5397.50 // 5416 - 12 Means
IF Accept under Key Support, range 5341 - 5290.25
5324.75 - 20.75 // 5310.50 - 06.50 Means
5295.50 - 90.25 Key Support