Price is at a line in the sand this morning. If this 1073.00 area holds, the overall up trend will remain in tact. If 1073.00 breaks, it will be a significant change in overall bias and could lead to some major selling. Price has made a move down this week and is a little stretched. A continuation down with this shallow pull back and congestion would mean that this is a powerful move down. If the 1073.00 area holds, it could be yet another higher low in this overall up trending market. Read is straight forward today. Short below 1073.00 to 1050.50. Long above 1073.00 to 1085.00 and look for extension. Be cautious of congestion 1073.00 - 1085.00 if price does not break 1073.00 early AM and late day rally. The market looks weak but could make a stand at this area.
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