Price continues to be in a powerful trend up. My overall target for the past few weeks has been 1147.50. The market is stretched but I have to go with the trend. Premise for today is to see if price will push through 1138.25 from the current shallow pullback and congestion or if if will pullback to the midrange area and make an attempt up. Watch the 1132.50 area if price pulls back from where it is. Buyers may come in here and attempt to take the price up. This area will have less significance if the price extends 1138.25 by more than a few points and comes back inside 1138.25. I will be looking for long setups either out of the congestion around 1138.25 or around 1132.50 with confirmation and no washout of resistance first. Shorts will be tough. There will have to be a more significant downside correction soon but I will wait until I get good confirmation. If 1138.25 washes out just after the open and I get good supporting structure I will make an attempt but be quick to cover if the move starts grinding.
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