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Range-Bound Friday Likely – Jun 26, 2020

MARKET COMMENTARY– It’s Science Friday and we just had this on the 6/21 so I thought I’d share info about the summer solstice. It is also the birthday of my youngest daughter =). We sit rangebound this morning into the open after testing our lower edges of support for the week. Those edges of support remain between 2983 and 3006. Resistance holds well below our initial range of 3146-3174- now between 3106 and 3127. Sideways formations appear likely but watch what the traders are doing near that VWAP. Watch those edges – if they break, they could expand rapidly.

We have gold in upper ranges and not breaking higher, volatility in upper ranges, and bonds, along with the dollar, now holding steady. We are looking for another failed bounce and this is in progress. So far, our swing short still holds solidly. If we bounce into 3146 again, however, the fade will be short-lived and we will break through to the upside by my reckoning.

THIS WEEK’S LIVE TRADING ROOM LINK register here to join us for the entire week

This morning’s videos –

ES_F

NQ_F –

YM_F

CL_F

GC_F, ZN_F and $DXY

This week’s calendar

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********If you feel you need some help understanding how price moves, remember you have the COACH’S CORNER for video review.

THINKORSWIM USERS –Chart share links for ES_F , NQ_F , YM_F , CL_F , GC_F – levels here for download to the ThinkorSwim platform

PASSWORD FOR THE SPREADSHEET – NEW PROTOCOL – MovesVolatility20200615

LINK FOR TODAY’S TRADING DATA EXCEL SPREADSHEET – please note this requires a new password each week and that password is MovesVolatility20200615

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If you find yourself being chopped up, widen your time frame or take time away from your screens. This is a time when less is more.

TRADING VIEW & ACTION PLAN
Wide-angle range based trading continues with bounces off deep support and resistance selling at the highs or recent congestion. Traders will be whipsawed trying to engage, particularly if thoughts of trending come to mind- the markets are grinding with monster volatility beginning again. Choose your entry wisely.

Intraday LONG trading from support edges like ABOVE the VWAP or tight moving averages will give you the least risk event for engaging – removing your trade at resistance will allow you to participate – understanding that countertrend bounces can be swift and sharp but will likely fail under the broken structure of the market.

Intraday SHORT trading from resistance edges like the old highs or bigger moving averages will give you the least risk event for engaging. Follow the candle trend until candles stop breaking higher.

Here’s a link to the METASTOCK software– you can have your own copy of Metastock to run these tests and setups using Target Rich Trades.

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