Price has corrected down overnight for the first time in a while. Premise for today is to see if 1201.25 minor support is going to hold or not. If 1201.25 holds, base premise is for retest of 1216.50 highs. Watch for potential inside resistance at 1210.50. If price is going to move up prior to a continued move down, this would be the likely area for a continuation attempt. If this holds, look for potential range 1210.50 - 1201.25 with likely contraction. If 1201.25 does not hold, next level below is 1187.00. I will look to initiate longs off 1201.25 and shorts off 1210.50 after structure showing that it might hold. Watch for midday contractions and keep in mind the the short side has been getting constantly squeezed. No extended breakout shorts. Shorts need to be initiated at extreme prices.
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