Price is testing 1132.50 potential inside support discussed in yesterday's prep and last night's commentary. There are 2 scenarios this morning. Base premise is for a test of 1126.00 support. If this holds, look for a range to develop 1126.00 - 1138.50. The second scenario and more fitting to the trend is that 1132.50 potential inside support holds and the price tests and extends 1138.50 minor resistance. Price has already come off this potential inside resistance. I prefer to see this at the open. If price comes back down for a retest, action could be difficult in this area. I will look to initiate longs around potential inside support if it is holding and shorts with pattern confirmation if it starts to fail. If price moves up and off this area prior to the open and is sitting close to the resistance area, there will not be much for me to do. I want to get long but will not buy highs in this grind. Price is stretched and due for a correction. I will need strong confirmation of a correction down to initiate shorts until the market makes some lower lows.
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