Bulls or Bears ?

ATM Trading Club Newsletter

Sunday, June 09, 2024

Week Ahead and What to Expect

Currently, we have some resistance coming into the market with the Bollinger Bands and Keltner Band holding price from going higher. We can also see weakness on the ChiOsc as accumulation starts to dry out and buyers are buying in lower volume. This is a week packed with information, moving forward with the CPI on Wednesday and the FOMC interest rate decision also on the same day.

Critical Key Support

Our first support of 5330 will be the initial challenge for the bears to break under. The second key support level is 5320, which aligns with the bottom trendline we have been following on the 1-hour timeframe.

We are still in a sideways range, and a breakout in either direction is imminent. A break of the 5330 support will lead us into the 5300 area. With the current indicators showing weakness, a pullback is very possible in the next few days as we prepare for the CPI and FOMC announcements.

Overall, brace yourself for significant adjustments as we approach the CPI and FOMC meetings on Wednesday. The outcome of these events will illuminate the market's next steps, setting the stage for potentially dramatic shifts. Stay vigilant and prepared for the volatility ahead.