Contraction this morning. No significant Globex move. Price is congested at highs. Premise for today is to watch the 1139.50 potential inside support zone and 1147.50 resistance. Could see a range 1139.50 - 1147.50. If 1139.50 holds, bias will be up to sideways. I will be looking for a capitulative extension of 1147.50 in this scenario. If 1147.50 washes out and holds, bias will be for a significant downward correction and test of at least 1132.50. Trend up is still in tact. I will be looking to get long around 1139.50 or a breakout of the opening contraction to the highs and beyond. I will be looking to get short on a breakout down of 1139.50 or after a washout extension of 1147.50 and move back below the level.
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