We had an Open – Test – Drive open with price pulling back to test the high of yesterday at 1169. Sellers unable to push price below that price level coupled with price then breaking the overnight or Globex highs signaled a trend day in the making.
The key levels worked well for both short and long trade facilitation, but given the market structure today, shorts were very risky.
We had a 12 point day session range with more volume generated today than yesterday, with heavy acceptance in the 1178 area.
For the overnight, I am using that 1178-1180 area as initial resistance with 1181 being the today’s high. I am using the 1172 -1173 level as initial support. With 1174.75 being the last significant top level.
1183 – 1184 above as resistance, the same 1169 -1170 level can be used as support along with 1164 – 1165.
More to come tomorrow….