Somewhat quiet overnight within consolidation. The indicators are somewhat divided which could lead to further consolidation if not chop. They are however pointing to the longside at this time so this could be an interesting if not dangerous trading morning. The really interesting part for me is that I have two inner and outer support and resistance bands and the inners bands’ target’s align with the outer.

It is important to note that longer-term targets have not been met to the downside yet so a push up could indicate more of a pullback rather than a true trend reversal. We’ll see what the charts tell us as the trading day progresses. Unfortunately, I’ll be away from my main computer this morning and won’t be able to update as regularly but I’ll be monitoring and trading from my mobile device until I return. This blog is getting some serious attention and it’s future is bright.

The inner support and res points are as follows:

If we break 1177 to the north, T1 is 1180.5 and T2 is 1183.75

If we break 1070 to the south, T1 is 1066.5 and T2 is 1062.25- 1063.50. A hit of T-2 triggers a break of  the outer support band and could result in the continuation of the cascading downside effect.

The Outer support and res points are:

If we break 1084 to the north we are looking for a target in the 1095-1100 range with a bunch of strong res points in between

If we break 1065.5 to the south, look for 1052 and 1042.5 as targets.

Quite a bit of commentary this morning but because I’m more or less out of pocket this morning session, I’m trying to give as much as I see as of now. Remember that the markets continue to evolve and so can these levels so be careful.

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