Pre-Open Commentary | March 22, 24
Condensed Insight Before the Bell.
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Key takeways:
Signal component equals to 0 today which means don’t trade, leave your swing positions or reduce some more (that I will decide after open).
Expecting two way action, market is still quite extended.
Bullish into RTH open (first 1-2hrs), then potential bearish action (needs live confirmation).
Major resistance zones: 5322-25, 5335-40
Support: 5280-70
Notes/Observations/Issues:
Nothing special today, other than $BTC broke out of its recent range to the upside. I’ll pass on that because as I mentioned few times before, this is not the right time.
Ok, forgot about that one, this is rare, gex major support (green lines) above SR1/SR2 and Zero Gamma. Something to note, first guess is that it shows market is too extended. Also question is what will happen if price gets stuck in such a big supportive zone made of min1/2,sr1/sr2,oversold/range :)
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).