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Heading into the open, I will be using 1255.4-1256.4 as initial support. Below initial support is 1252.8-1251.8. I would expect buyers to defend this zone. However a break of this zone brings in 1249-150 where GC can be short-term exhausted. 1244.9-1245.9 and 1242.5-1243.2 marks the bottom of the balance area.
Initial resistance is set at 1258.9-1259.9. The overnight high at 1261 provides minor resistance. The upper range of balance zones are set at 1262.1-1263.1, 1266.3-1267.1, and 1268.5-1269.5. These zones mark the attempted break of balance from last Friday. In order to continue through these, GC needs strong volume and conviction to attract other buyers. GC may become short-term exhausted around 1266.3-1267.1
Yesterday we saw initiative buying off the open at the 1258.9-1259.9. GC showed signs of strength as it ignored resistive zones and broke above a multi-day balance area.
Overnight GC found sellers active at 1281.8, just above the 1279.4-1280.4 zone and is now trading below yesterday's high of 1277.4. In order for the breakout to be valid, the 1267.1-1266.1 will be used as a short-term bull/bear zone.
After yesterday's strong move, it is possible for GC to balance or pullback. If you follow patterns, there appears to be a cup/handle forming on a 15 min chart, where support can be found around 38-50% retracement with a proposed target of 62-100% extension.
Heading into the open there is initial support at 1273.3-1274.3. Below low initial support is 1271-1272. Stronger support can be found at 1269.5-1268.5 and 1266.1-1267.1(bull/bear zone). It is possible for GC to probe below that zone to see if sellers are active, but for a failed breakout, GC would have to break through that zone with conviction and high volume.
Above initial support is 1276.9-1277.9 as a minor zone. Resistance can be found at 1279.4-1280.4, and the overnight high of 1281.8. Stronger resistance can be found at 1283.5-1284.5 and 1286.8-1287.8 where GC may be short-term exhausted.
I would expect a choppy day as there may be some profit-taking along with possible buyers active at all support zones.
Thank you for the comments, it was a good day, and I took two of those trades but don't be fooled, as the day progresses I keep up with the day as it develops. The trades identified in the recap may not always be the trades I take. I mark up the chart for ideal trades, for learning purposes
Bruce Lee once said that he wasn't afraid of the man that practised 10,000 different kicks but he was afraid of the man that practised the same kick 10,000 times.
If you keep doing what you are doing, reading the charts as you are, your technique will become 2nd nature, you will do it without even thinking.
Yesterday GC balanced most of the day and in the late afternoon, initiative buyers stepped in at the 1276.9-1277.9 zone.
Overnight, GC balanced in a narrow range, where sellers are trying to defend the 1290-1291 zone. GC is trading around yesterday's high and may be short-term extended to the upside.
Heading into the open, the zones will not change much. Initial support will be 1286.8-1287.8. Below that there is 1283.5-1284.5. Stronger support can be found at 1279.4-1280.4 and 1276.9-1277.9 which also marks the buying zone from yesterday. This zone may need to be tested during the regular pit session.
Above initial support there is initial resistance at 1290-1291 which is stronger zone and has been tested twice already. A break and hold above that there is minor resistance at 1294.1-1295.1 and stronger resistance at 1297-1298 and 1300.7-1301.7 where GC may be short-term exhausted. Additional resistance can be found at 1304.8-1305.8, 1307.3-1308.3, 1311.4-1312.4.
Economic news: 7:30; 9:00
The 7:30 news may bring in short-term volatility, so it good to be flat before 7:30.
