While Overnight Inventory is balanced - if we Open now we will open out of balance to the upside relative to the late afternoon Spike and will open above 1375 which was the breakout level from last week. Staying above 1375 is positive as it keeps the trend intact and leaves a buying tail from y'day's Spike.
As mentioned in last night's blog post 1380.5 and 1382.50-1383 remain key references to the upside - taking those out with conviction targets the 1390 level. Failure to stay above 1375 targets Friday's low of 1360.50.
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