Morning Traders,
It is 9:15 PM as I write this, and I am staring at the charts to give you the outlook right now. I wanted to do this to show you the position that we are in because it is important for you to understand the setup going into Tuesday.
Scheduled News:
🧠 Current Market Context
We are in a very specific position where we have technically lost on the Daily and 4-Hour timeframes due to the previous close below structure. That is weakness. However, we went down, played the lower 6530 structure, did a liquidity grab, and closed back above on the weekly time frame essentially not loosing on the highest time frame.
To “gain” the structure back and prevent a roll-over, we really need to close above 6738.00 and ultimately 6767.67.
The Bull Case: We move up to at least 6767.67 as long as we get above 6738.00.
The Bear Case: If we don’t gain these levels, we can “smack” between 6738.00 and 6767.00 and cascade down, just like we did on Thursday.
My bias is that if VIX stays down, we go higher. We are starting to fill in the weekly profile, and we have singles all the way up to 6758.00 (Monthly POC).
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