With a very slow open today prices began trading at 1140.5, down 1.5 points from Wednesday's 1142.00 close. The light volume and slow moves made for a consolidated day trading to a low of 1139.75 and a high of 1147.00. Prices traded 7.25 point range and closed yesterday's gap of 1142.00, then closed the day at 1144.75 up 2.75 points from yesterday's close.
Prices appear to be floating towards our highs, while struggling to move into resistance. This gives the appearance of an uncertain bullish market, where the slightest wrong move may bring doom. The closer prices move towards a high the more they seem to retest, and retest before moving on. One thing is certain, that without an increase in volume by either party a definite move in any direction in uncertain.
Friday's trading looks to be approaching the 1148 highs, with some good commitment we could see prices move into the 1155 or even 1165 levels. To the low side prices could see a retest of the 1140 area of support, then 1135 and an extreme low back in the 1129.50 level.
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