As I stated in my post last night - the market got too short in the day time frame which gave way to a late afternoon rally. Coupled with the positive news from EU leaders - the market has gapped up 20+ handles in the overnite session. Large gaps such as these do not usually get filled the same day (unless there is some extreme negative news). In addition, the day may turn into a rotational day as the market absorbs the news.
On the upside your best reference is a series of close highs - 1352.50 - 1355.50 and 1357 - the high of the larger balance area. On the downside you have 1331.75 - the high of the lower balance area.
We have Chicago PMI at 9:45 am EST and Consumer Sentiment at 9:55 am EST. More often than not there is some adjustment to the overnite inventory - which is all long - at the Open. I would wait for the market to set up before entering a trade.
On the upside your best reference is a series of close highs - 1352.50 - 1355.50 and 1357 - the high of the larger balance area. On the downside you have 1331.75 - the high of the lower balance area.
We have Chicago PMI at 9:45 am EST and Consumer Sentiment at 9:55 am EST. More often than not there is some adjustment to the overnite inventory - which is all long - at the Open. I would wait for the market to set up before entering a trade.
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