Prices opened at 1094.25, down 4.75 points form Tuesday’s close. Prices immediately move up from open to fill the gap and hit the intraday high of 1099.50. Prices could not move through resistance in the 1100 level yesterday so they turned and traded back down. Futures traded down to a low of 1090.50 for a low where they then consolidated into the 9 point range for the rest of the day, closing the day at 1096.50.
Today was lighter than the last couple days, but today the sellers were in the lead in the volume. Pointing towards the change required to continue this market back to the downside. An increase in volume today to the 2.5-3M contract level will be enough to put some direction back into this market which has been a little slow this week so far. Targets for the day on Thursday will be 1083.50, 1077.00, and 1069.00 our open gap from last Friday’s close. If by chance prices move to the upside targets to consider would include 1100.00, 1106.00 and 1113.25. Let’s see where we go…. See you at the starting line!
