Monday, June 29, 2009

June 29 2009 Mornig Prep


Prep is detailed this morning. This is a key area. Overall short term structure is up.

We still have not seen another test of 924 which I consider a line in the sand. Since we extended the 910 area a bit over the weekend, the structure tells me we should see an expansion attempt to 924 for a test. If this is going to happen, watch for potential inside support around 914-916. This is not illustrated on the prep. Just be aware of it.

However, by the book, I am looking for a potential range to set up 907-919. If we expand to 924 and hold, look for a retest of 907 and extension attempt downward. If 924 is tested and fails, continuation up.

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