Premise for this morning is look for shallow inside support at 1135.00 and extension up. There was a probe of 1124.25 support in the Globex session. Scenario #1 is an extension of 1142.00 and grind up to 1159.50 over the next couple days. Scenario #2 is a tight range 1135.00 - 1142.00 until breakout. This is lower probability with the overnight probe. Price may extend and make a downward fake through 1135.00 prior to reversal up. If 1135.00 does not hold, look for retest of 1124.25 area and 1124.25 - 1142.00 market. I will look to initiate longs off 1135.00 and 1142.00 after extension and pullback. I will look to initiate shorts if 1142.00 extends and moves back below. My focus today will be hitting good prices and covering then re entering on pull backs and retests.
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