Market continues to be very contracted. Premise for today is to see is 1166.00 inside support holds. If this holds, look for test of 1176.00 and extension attempt up. If 1176.00 holds, could see a sideways market 1176.00 - 1166.00. If 1166.00 does not hold, look for test of 1159.50. Overall range is 1159.50 - 1176.00. If price continues to stall out and can not reach the highs, there will be a downward correction. Volume has been light with the holidays this week. I will be looking to initiate longs off 1166.00 and 1159.50 and shorts if price extends 1176.00 and moves back inside. I will cover breakout trades quickly or scalp them if they do not move quickly if the price continues to grind. Volatility is low and in these conditions a move will likely be out of nowhere with little warning.
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