Tuesday trading opened at 1096.00, down 7.25 points from Monday's close. Trading opened to a drop in prices as they traded down instantly from open to a low of 1087.75 in time for the 10am reversal. From there prices regained their lost ground and made their way back up to a high of 1097.50 by about the noon bell. The rest of the day was then spent stuck in a 4 or so point channel between 1094 and 1090.00, with prices testing the support shortly before close. Prices closed the day at 1091.25, down 12 points from yesterdays close.
In the longer term,we watched as prices found support today in the 1088.00 and 1091.00 levels. If we get another increase in seller volume and break through support we could see prices move toward 1077-1079 and then 1069.75. On the upside prices may retest our 1100 area of resistance where we have an open gap from today's trading, should prices make it through there (which I would find surprising) we would be looking at 1115.00 as the next area of resistance. A level that we have so far only managed to pierce, even with several attempts.
You know where you can find me..... See you at the starting line!
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