On a weekly basis - conviction remains low in either direction. The market has come into a 3 week Balance.
The Profiles below show that the short term trend is UP and is a couple of handles shy of the weekly Balance High. Friday's volatility was all news based. While we covered a lot of ground last week, notice that the Settlement price for the last 3 days was around the 1653-54 area. Further upside continuation targets the bottom of the Gap at 1669.25. Given the size of the Gap, Price will most likely get rejected the 1st time we trade into the Gap. A break below the 1653-54 area targets the top of the lower Balance at 1642-44 - use as Support.