Trading opened today at 1102.75, up 12.5 points from Friday's close. Prices moved to the upside this morning trading to a high of 1111.50 by about 10am market time, from there prices turned and moved back down 10.25 points to a low of 1101.25 shortly before close. Prices then relaxed slightly to close the day at 1104.25, up 1.5 points from open and 14 points up from Friday's 1090.25 gap.
Looking for a confirmation in direction over the next day or two. Market makers will have to decide on where to take the market from this point. On the daily we are looking at a decision between a head and shoulders formation and a continuation to the upside. Prices once again tested the 1112 area today and failed, leaving us watching for a sign of direction yet one more day. Prices could consolidate here with continued tight ranges for a day or two more before a decision is reached. Keep your eyes open, it's all on the charts.
See you at the starting line!
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