Premise for today is to see if 1169.50 support holds or not. Price has put in a series of lower highs into this area. I prefer to work with zones but the only significant resistance I have to work off of is the downward sloping trend line. If price breaks this, I will look for a run all the way back up to 1106.00 and will not be shorting without a significant reversal structure. The overall range is 1069.50 - 1106.00. This is wide volatility. If price breaks 1069.50, look for test of 1056.00 and 1049.50. I would rather play the long side today. If 1069.50 breaks, short side trading will be tough. I will take a blind shot at shorting the 1086.00 area if the price stalls there. That will be my best shot attacking a move down. Overall, I am looking to the long side until 1069.50 breaks even though structure is a little bearish. I have illustrated my execution areas.
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