1177.50 support has held and put in a good bottom. Premise for today is to watch for continued move up. Base premise is for test of 1216.50 high over the next couple days. I will be looking for a move up from tight congestion at 1194.50 or a pull back just after the open to the 1188.00 area and a higher low. If 1194.50 extends and fails prior to pulling back, price will be more likely to retest the 1177.50 low. Structure is up this morning. I will look to initiate longs off 1194.50 and the 1188.00 area if a higher low develops. I will look to initiate shorts if I higher low attempts to build around 1188.50 and fails. I will also look to short if 1194.50 extends and fails but will primarily be hitting the long side as shorts are repeatedly squeezed in this trend up.
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