Price is contracting on a higher time frame between 1216.50 and 1177.50. Premise for today is potential range 1202.00 - 1183.50 and watch for contraction. There is still 17 points worth of volatility. I will play off the edges of this range. I will look to initiate longs off 1183.50 and on the way back up to 1202.00 and shorts off 1202.00 with structure. I will continue to look to execute at extremes and need to execute a position in the direction of my bias as soon as I feel one. Goal for the rest of this week is for my losing trades to be executed at optimal prices for the premise and to wait until the move is clear to me. The exception will be 1st pullbacks after a reversal.
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