Hi everyone! In the weekend newsletter I warned that bears needed to hold price below the gravestone doji and confirm it, for a leg down ahead of CPI, otherwise it would be more chop between 439-444.
Note: Gravestone doji from Friday must be confirmed on Monday. If invalidated Monday, then likely more chop until CPI.
Bulls have invalidated the gravestone doji
So now the following will be at play for the remainder of the week:
CHOP ZONE BETWEEN 439-444 WITH CPI WEEK
Bull case: If breakout above 444 then target 448-451.76.
Bear case: If bears maintain below 437.44 then target 432.85 and 429.61. Big drop and double top plays out if 429.61 falls, which would target 422.23-422.94 (gapfill)
We also had some great plays today in the discord such as longs on PENN 0.00%↑ and PYPL 0.00%↑
And i see a good bottoming setup on TLT 0.00%↑ as mentioned in the discord.
Have a wonderful rest of your Monday!
-Jovan