Premise for this morning is to watch for the test of 1200.00 resistance. Price is a little stretched off 1186.25 moving into this area. If price tests 1200.00 with no pullback or build of inside support around 1194.50, look for a minor extension and failure with likely move back inside 1200.00. If 1200.00 holds, look for covering and move down to test 1186.25. Could see range 1200.00 - 1186.25. If 1200.00 extends and comes back inside range and there is no covering, look for potential inside support to build at 1194.50 for move and extension beyond 1200.00. I will look to initiate shorts at 1200.00 extension area if there is no inside structure developed prior to the extension and longs off any inside support structure that develops around 1194.50. I will also look to initiate longs off 1186.25 and breakout shorts if 1186.25 fails with structure.
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