We are now at the top of the range again. So on the lookout for a rollover/headfake or potential move to new highs and a new range.
From a weekly profile perspective, we still need to get past the top distribution - not really much of significance other that we can see this also puts us above the major distribution from the week before. So above 2401, there's nothing in terms of historical trade to 'slow us down'.
Yesterday was a very narrow day, yet with very decent volume. We do have upside momentum but against the range high. So no real bias.
- No bias but an open mind about where we could go - in particular keeping an open mind about the upside. It'll probably go down to the range low but we cannot discount a move to new highs. The trick is to play that as long as it's not a headfake.
- Early trades would be nice, especially if volatility carries over from yesterday.
- Otherwise, a wait and see for the range top to be resolved - then follow when it is
Range - 2378.25 -> 2397.75
Value - 2380 -> 2391
S1 - 2354, R1 - 2407
Range - 2385 -> 2394.25
Value - 2387.75 -> 2392.75
Globex 2386.75 -> 2397.75
Settlement – 2392.75
Long Term Levels - 2178.75, 2129.50, 2099.75, 2084, 2078.75, 2000.75, 2400