Overnite we have closed the range Gap below at 1324.25 - our overnite low is 1324. O/N inventory is almost all short. More often than not there some adjustment to overnite inventory, however, if we Gap Open lower and don't fill the Gap - that would be very negative. If we close the Gap - next we want to observe if Value can get to unchanged. If Value cannot become unchanged - chances of late break increase. I continue to maintain that the Market is very short. Early morning references are the o/n low - 1324 and the Prominent POC 1336.50 above.
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