Premise is different than usual for this type of structure today. I am looking for potential inside support at 1169.00. If this holds, look for a test of 1176.00. This will be more prone to failure than extension in this scenario. It could extend but will need to build a congestion or higher low close the 1176.00 to push through. Price is basically grinding mid range with no firm support and resistance other than 1176.00 and 1159.50. If 1169.00 does hold, look for a low volatility range 1169.00 - 1176.00. Price is continuing to fail to push up through this area and is way overdue for a downward correction. If 1169.00 does not hold, look for a test of 1162.75 and likely push to probe 1159.50. Action will be tough with the low volume and holidays this week. I will look to initiate longs off 1169.00, 1162.75, and 1159.50. I will look for shorts off 1176.00 with structure and breakout shorts off 1169.00 with structure. Plan today is to take quick profits and re-enter.
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