Pre-Open Commentary | Aug 30, 24
Condensed Insight Before the Bell.
Key takeways:
Quite important session ahead, from midterm TrendPhase perspective. If bulls won’t sustain upward momentum, it might end with trend switch to bearish. Again, it won’t happen today and it needs some visible bearish action, which should be confirmed on next session. And here is the problem - next session is shortened, with no options trading. I have no idea why this happens in such way, but these important events take place during long weekend/holidays etc. Anyway, we’ll see on monday/tuesday where we are with midterm trendphase.
Profile is still in bearish mode. Yesterday’s high was unusual for profile trend change and I haven’t even mentioned that level (combined value area high) as they don’t go so high in most of the time. Anyway, it’s still bearish.
Yesterday’s GDP did not change macro model - as I mentioned earlier. But Tuesday PMI can, so we will watch that.
The one level that really stands out today is again 5704 resistance. This one won’t need confirmation for me. Other trades - need live confirmation as intraday trendphase signal = 0 today, so no trades from this one.
Resistance: 5704 (important)
Support: 5493
Notes/Observations/Issues:
Pre-Open Commentary distills key takeaways from the analysis of the London GEX and Structure posts and also serves as my personal journal (sort of).