Trading opened Wednesday at 1107.00, down 1.5 points from Tuesday's close. Trading moved up 2.5 points the first part of the morning hitting a high of 1109.50 just in time for the 10am reversal. Prices then made an 8.75 point decent between 10 and10:30 to the low of 1100.75. The day remained quite consolidated into the close, with a close of 1108.00 down only 2 ticks from previous day's close. The range for the day came in at 8.75 points, while the gap was filled.
For Thursday we could see prices retest the 1085.50 levels, with smaller support in at 1097.00 and 1094.00. On the up side we could see prices retest the 1110.00 area, but without some commitment on the buyers side it doesn't seem likely to break through the 1112.50 resistance. The market looks to be in the overbought condition, and has been for about a week or so. I am watching for a possible sell off going into the weekend.
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