Wednesday trading opened at 1108.00, up 3 ticks from Tuesday's 1107.25 close. Prices traded up from open to test the resistance in the 1112.00 area where it pierced with a high of 1115.50 but could not continue. Prices changed direction and moved back down into our 8 or so point range of consolidation between 1104.00 and 1112.00. Prices bottomed out at 1104.25 and traded the rest of the day within the fence to close the day at 1108.00.
Still watching the 1112.50 area with 1115.50 now the new high. Looks like Vol will have to break over 1.7 million contracts to get enough of a move to break the consolidation. On the low side we could see some retesting of the 1104.00 area then 1100.00 and 1091.25 from there.
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