Today's trading opened at 1061.25, up 9.5 points through the overnight from yesterday's close. We hit our low of 1056.75 and tested the 1057 area of support this morning to find the the aggressive buyers were interested in continuing the up channel that we have been seeing. Prices continued up to the high of 1067.25, testing another level of resistance in the 1066 area, but without the commitment it needed to make it through. The rest of the day remained consolidated in a 4 point range between 1061 and 1065 and closed trading up one point from open at 1062.25.
Today range was 10.5 points while the gap was left unfilled for today proving again that there are no rules, even on Thursdays.
Watch the open prices tomorrow as this will be a good indicator as to what is happening going into the weekend. We appear to still be losing volume on the buyers side and we have approached the resistance holding at the 1067 area. A boost in sellers closing positions for the weekend could give us a chance to visit some previous support, I think the 1045 - 46 area is not very far fetched. If we get a move up we could see prices retest the 1070 area of resistance from Sept 23, however I think prices would have a hard time breaking that resistance without some serious commitment.
Until tomorrow, keep your eye on the target and your finger on the trigger! See you at the starting line!
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