petroleum status report at 10:30AM
Jerome Powell speaks tomorrow!
key levels: $434 & $432
bull case: SPY has been range-bound recently between $432 & $438. not too eager to take trades within the range. ideal entry would be if buyers can step in around $432, targeting $433 & $434. or a break and retest of $435, targeting $436.02 (gap fill) & $437.
bear case: price is currently below $434, if it can't reclaim with strength, I would look for a short entry on a retest of $434 targeting $433 & $432.
🧠 Powell is speaking tomorrow. take today as it comes, don't force anything.
in the last 6 months, gaps down between $1-3 have filled 44% of the time.
in the last 6 months, Wednesdays have covered 90% of ATR. ATR is $5.37, we can expect a move of $4.8 today.
what do you think?
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