Aug 23 / Inside Day Range: 5603-5662
2 Week Balance: 5574-5669
Weekly Expected Move: Low 5587 / High 5727
Prior Week Value: VAL 5608 / POC 5638 / VAH 5646
Spike 8/30 Top: 5665
Spike 8/30 Base: 5646

5613, 5627, 5638, and 5649 still to be observed. We had two data prints around the 5630 area, GDP and PCE.

Will use Friday’s range for the coming week as the low and high both roughly align with the previous Friday’s inside day range. Friday ended with a spike up. Will apply Spike Rules on Tuesday’s RTH. Buyers will want to confirm by moving price above the Spike top and breaking out of balance. Accepting below 5646 may signal a failed attempt by buyers again. Reminder on high timeframes, sellers are up here. We also must still apply Balance Rules.

A pullback into the balance halfback 5621, Friday’s VAH 5640, and last week’s POC 5638 may be buyable with a reclaim of a main pivot level. Last opportunity for buyers will be Friday’s POC 5616 and VAL 5608.

Friday also left an excess at the lows, which may need to be cleaned up including a test of Wed OVN low below balance.

Breaking above 2 week balance targets the 5690 gap fill, 5710’s 7/16 Spike & Balance extension 50%. However, breaking below balance targets Friday’s -50% extension and Aug 16 low with further weakness going to the single print at 5522

Continue to be cautious as we near balance top where high time frame sellers remain including balance bottom with buyers. I would not long the top or short the bottom. If a supported breakout occurs then you can join. We are consolidating now for 2 weeks. Consolidation leads to expansion. Don’t fight it when it confirms.