New high yesterday and small correction down. Premise for today is to see if 1159.50 support holds. Base premise is for test of 1176.00. Watch for the price to stall in the AM at overnight Globex highs 1166.50 area and potentially retest the 1159.50 support. if this happens, 1159.50 is likely to be extended down. If it does not hold, look for test of 1147.75. If price moves back up to test 1176.00, look for grind up and congestion at highs with attempts to grind through and extend. Bias is still up but the market is due for a correction down and and I think we will get one over the next week. I will look to initiate breakout longs midrange and pullback longs from open targeting 1176.00. I will also look to but a retest fail of 1159.50. On the short side I will look to fade a test and fail of 1176.00 and take a breakout down of 1159.50.
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