Price is very contracted this morning. Base premise is for test of 1176.00 as noted in yesterday's prep and last night. There is minor inside support at 1166.00. If this holds, look for test of 1176.00 and extension attempt. If 1166.00 does not hold, look for test of 1159.50 and sideways market 1159.50 - 1176.00. Watch for major congestion and low volatility. Price could congest between 1166.00 and the 1172.50 Globex high. I will look to cover any breakout trade quickly if it starts failing. I will look to initiate longs off 1166.00 as long as 1176.00 is not tested first and longs off 1159.50. I will look to initiate shorts if 1176.00 is extended and comes back inside the range and breakouts down of 1159.50.
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