Watching as trading resumes in full swing on Monday. We had a 30 point sell off down to 1078 area after the 1108.75 close on Wed. Prices have now made headway back to the 1094.00 level of resistance and we will have to see come open Monday morning where we are sitting.
Watching for prices to have a possible retest of the 1110.00 area on the upside where we are waiting to see if the buyers will move through resistance. On the low side we could see prices resume the sell where we are looking at support in the 1080 and 1068.50 levels. If we can make it through these levels we could be looking at a new trend in the longer term charts.
Of coarse there is only one way to find out. See you at the starting line!!
Trading resumed today at 1106.50, up 1.75 points through the overnight. Prices traded to a low of 1103.25 this morning, then turned and traded up to a high of 1110.25 around 3pm market time. Prices then closed the day at 1108.75, giving us another day of consolidated trading and a tight 7 point range.
Prices are still battling resistance leaving us with these tight ranges and choppy moves. Volume was down today as prices traded up giving us an indication to watch for another possible sell off if the aggressive buyers don’t make their move and bring prices through resistance.
Trading opened at 1105.00 today, up 3 ticks through the overbought. Trading started to the down side today, filling the gap quickly and hitting a low 1095.00 around 10am market time. From there prices moved back up to a high of 1106.75 this afternoon, giving us a range of 10.75 points and closing at 1104.75. The day in all was rather consolidated with no momentum moving through our previous points of congestion.
With a slight increase in buyer volume today we are still failing in the resistance of new highs. Still watching the 1112.00 area for a break through, or reversal to set the head and shoulders formation for our next move over the rest of the week. See you at the starting line!
