Excellent retest of 1142.00 in the Globex session. Premise for today is to see if price can extend 1162.00. My primary visualization is for the market to remain sideways between 1162.00 and 1142.00 prior to breaking out. I will look for a pull back this AM and potential higher low retest and attack of the 1162.00 high again. I am anticipating a fight at the highs and lows of this range. This is a key area. If price breaks to the upside, there will likely be a test of the 1216.50 high over the next couple weeks. If price breaks to the downside of this range, we could see a test of 1100.00 area or beyond. I will look to initiate longs off higher low retests and shorts off 1162.00 failed extensions. I will also look to hit longs if 1162.00 extends again and pulls back to 1162.00 and holds. The market remains strong to the upside. Keep in mind that fades to the down side simply have not worked and are prone to get squeezed.
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