Trading opened Friday at 1088.25, up 3.25 points from Thursday's close. Trading opened to hit the low of 1082.75 just in time for the 10am reversal today. Prices then moved their way up into the early afternoon hitting a high of 1096.00 shortly before 1pm where they once again reversed into the close. Prices closed today at 1091.25 giving us a range of 13.25 points and a close up 6.25 points from yesterday's.
Watching price tomorrow as we open the week, we could retest the 1101-1103.50 range again before deciding on direction from here. Once again prices have moved up 77.5 points on decreasing volume as the invisible hand prods prices up. With this kind of commitment, even a relatively small move on the sellers side could see prices start to move back down. Remember what takes time to build without commitment is usually undone in about half the time.
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