The daily: strong support on Friday, the breakdown yesterday, and the August 4th candle that still holds the whole structure.
New levels for the week: the strongest support and resistance come from the week chart, an open-and-close level, a level at Monday, July 20th, and the zone between Monday, July 27th and Monday, August 3rd. Back on the daily, a horizontal ray at the August 4th support explains why price bounced there, and the close of July 23rd is marked below it.
The one hour tells the overnight story: a doji open, up and down, then below the VWAP, a break below 29,023, and a slide all the way down. Support right now is 28,834, a bullish engulfing printed at six o'clock, and there is a rejection at 28,976. The trend line drawn on the one hour shows up again on the five minute.
This is trading education, not a signal or a promise.
The plan
Price is already below the VWAP. Either it comes down, fails to hold the trend line, opens below it, and retests 28,834. Or it bounces off the trend line, runs up, breaks the VWAP, and retests or takes back 29,023. Both branches were on the chart before the open.
In the video
- 0:00Monday open: down 431, trading around 28,957
- 0:11Friday's strength, yesterday's breakdown, and the August 4th candle
- 0:56Levels on: the week chart, July 20th, and the July 27 - August 3 zone
- 2:15Back to the daily: the August 4th support ray and the July 23rd close
- 2:58The one hour: below the VWAP, the break of 29,023, support at 28,834
- 3:30The rejection at 28,976 and the trend line
- 3:56The five minute: the same trend line
- 4:07The plan: bounce to 29,023, or retest 28,834
- 4:37Questions go to ciycapital.com
Short clips from this prep
The prep is free every trading morning before the open. Get it here.
Trading education only. Not financial advice, not a signal, and no promise of any result. Full disclaimer.

