Every battle is won or lost before it is ever fought. – Sun Tzu, “The Art of War”
I thought of the above quote when I started to write this. I remembered it as I was writing how homework is often done days and weeks before.
On Tuesday of last week I created this chart, I took the Thanksgiving run up as a probe out of balance but something that needed to be retested. I clearly laid out support in the 1380′s and an upside target of 1324:
This is what happened since then:
Support on the spike lower into the prior balance top at 1384
Resistance at MCPOC 1406.5, then at 1424 (Monday European session spike high)
Monday Close at 1406.75 (potential support however ONLO at 1402.5).