Welcome back everyone!
Today's session was quite remarkable, with both the Emini and Nasdaq witnessing a continuation of selling pressure. The Nasdaq breached through the short level, consistently attracting sellers throughout the day below this threshold. In contrast, the Emini managed to rebound off the long level, establishing the day's low before briefly dipping below it. Once again, the levels provided last night proved to be valuable reference points, offering opportunities for both upside and downside movements throughout the session.
While Gold remained relatively stagnant, experiencing minimal price fluctuations, Oil, on the other hand, demonstrated a robust rally above the long level before retracing its steps due to lower-than-expected inventory numbers. This unexpected turn of events induced panic and triggered a rapid decline, effectively reaching the short target almost to the exact tick before staging a rebound towards the close. In this instance, we witnessed the price rejecting negative news, potentially setting the stage for a significant upward movement in tomorrow's session.
Now, let's dive into the rest of my analysis for the upcoming session!