Price is in a range 1112.75 - 1126.00 ahead of news tomorrow. Premise for today is to work off the top and bottom of the range and watch for a mid range contraction. Price did not make it all the way back to 1112.75 but the area has been tested and I will have a base premise for a test of 1126.00. Bias is still up due to the poweful trend. If price can not make it back to 1126.00 and puts in a lower high without a contraction watch for an attack of 1112.75 and likely extension down. If the market contracts and then breaks out, watch for possible failed extension attempts at the top and bottom of the range. If price congests at the top of the range and builds shallow inside support, watch for a grinding extension attempt up. I will be looking for clear premium setups only today.
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