The Week Ahead
What's the Plan
The Week Ahead has a bunch of news in store for us on the Futures Front. It’s the usual inflation news, some sentiment crap on Friday, and the exciting piece, the IMF conference all week. That should provide some insight into how our friends across the pond are working things out with their central banks. I would expect pockets of volatility this week as someone over there opens their mouth to insert their foot.
Here is what I am looking at this week for the futures markets
We have this solid pocket of lower volume below us and a bounce to stay out of it this past week. if we manage to get below 2020ish with any real volume behind it I would look for a trip back below 2,000. If we break below this LVN then a return trip to that local POC (the long purple line) is not out of the question.
Silver is probably my favorite metal. In addition to having more accessibility than gold due to its price point, there are a plethora of uses for it outside of jewelry making.
Based on the longer-term profile on the chart above, I wouldn’t be surprised if Silver continued to chop around in the range it’s been in for the past week or so. Looks as if it’s been consolidating and moving up then repeating the process. Below 24.80 is a volume void, once in there it could be a quick move down to 24.
NQ looks like it’s approaching the top of its recent range and slowly making its way back toward the POC above. I would expect resistance at its 2nd Standard deviation range. As with the rest of the volume ledges, I am going to lean on the LVN below to support the price.
As always trade your plan and have stops!