Key Levels for Wednesday – 11/6

Economic data for Wednesday

Econ

/CL

We hit a larger time frame demand zone today so I expect a nice move, but there is still plenty of supply above.  For now I will just trade it from zone to zone until we break out of this basing pattern.  We have already started a nice move from 93.21, so I will be looking to take profit/flip short once we reach the next area of supply.

CL10mLevels

/ES

Lots of little levels of supply since we are so close to all-time highs.  As I said in my weekly outlook, try not to stand in front of this train.  The 62.50-64.00 level has been tested repeatedly at this point, so a break above could see us clear out a few levels of supply above, but ultimately I believe we trade in a range while waiting for unemployment/NFP/GDP this week.

ES30minLevels

/NQ

Range bound, but formed some new levels to trade against.  Like I said last night, looks like we are still forming lower lows, but we also started a broadening formation by making some new highs today as well.  Not much supply above, plenty of demand below.

NQ15mLevels

 

I’ll update this if anything dramatically changes.

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Posted on November 5, 2013, in Daily Levels and tagged , , , , , , , . Bookmark the permalink. Leave a comment.

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