History's Least Eventful Outlier Day
Edge Levels (ESM4): 5497, 5485, 5445-5456, 5425, 5400-5406, 5425, 5400-5406, 5386, 5372, 5356, 5340-5345, 5306-5312, 5294, 5288, 5250-56, 5232-5241
You can access the MGI document HERE for the latest Edge Levels and insights.
It’s National Loving Day, so please tell a trading friend about this newsletter if you know someone who’d make Gordon Ramsey grumpy!
*~RANT ALERT~*
Yesterday, Price launched into the stratosphere on misleading inflation numbers.
Then we chopped all day into a much-ado-about-nothing FOMC.
(Jerome didn’t cut, by the way, Mr. Clever Crystal Ball.)
Then, we closed within five points of the RTH Open, right above the Outlier level.
REALLY?
Talk about epic anti-apotheosis1, enough to make this trader borderline apopleptic2!
Not entirely surprised, of course.
Definitely disappointed, though.
In any case, summer’s “big day” is behind us, and below are the levels I’m looking at as we move forward into the afternoon news and into tomorrow:
Edge Levels for 6/13/2024:
5497. The top of one of the important Channels that goes back to the October 2023 low.
5485. The top of another one of the important Channels that goes back to the October 2023 low. This is the next magnet above the current price.
5445-5456. Megaphone Resistance and the current high of human history. This Megaphone pattern has encompassed all price actions since February. Also, this zone contains SPX 5450.
5425. Important trendline connecting May 16 and May 23 highs.
5400-5406. SPX 5400 and Support of the Channel from the May 17 low.
5386. Former Price peak and the nearest Naked Point of Control.
5372. Price magnet for two weeks. Bears reclaim short-term momentum with Acceptance below here.
5356. SPX 5350.
5340-5345. A large zone containing the bottom of a Balance and an important trendline connecting the May 16 to May 22 Resistances.
5306-5312. This is the pivot zone for the June Breakout. It also contains the June 7 Low and the top of another Balance. Finally, it’s a key backtest zone containing SPX 5300.
5294. An important LVN.
5288. This is the center of the next Balance below 5306.
5250-56. A key trendline and the bottom of a Balance. This level was also Resistance (now Support) of the Bull Flag that broke out on May 31. It has been a significant Price magnet since April, connecting the April 18 and May 2 lows. This zone also contains SPX 5250. Major area.
5232-5241. Another magnet zone, with a significant supporting trendline that connects the April and May lows. It also contains the final Naked Point of Control before mid-term trend changes.
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LEGEND’s word of the day. It means “climax.”
LEGEND’s bonus word of the day. It means “ showing symptoms of a stroke.”