Premise for this morning is to see of 1200.00 acts as new support. If this holds, look for a grinding continuation up. If 1200.00 does not hold, look for correction down to 1186.25. Scenario 2 is a tight contraction 1200.00- 1207.00. I will look to initiate longs off 1200.00 and shorts if price moves back inside 1200.00 with good structure. Important to note that shorts have not worked in weeks. The market will correct down but it is not worth constantly fading this powerful trend up to catch one move down. I will stick with the trend until proven otherwise. If price does contract in a tight range today, I will play the long side only.
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