sure enough the 1170 area was a pivot which collided with the resistance of the wedge.. dotted line..looking at the 1157 level as it is sticky.. we stay below market could stay offered.
Up UP and away best sums up the price action leading up to the cash open.. some how we managed to run up 1.45% post a 37k decline in jobless claims.. woo freaking hooo..yesterday the 1165 leve presented support and 1175 was the tipping point for selling post left BAT wing.
With just about all futures and commodities trading in line with each other this morning you can expect some unexpected moves in today’s session. High correlation going into cash open = looseness.
Crude has moved from 81.25 to 83.52 in about an hour so thats normal ya know, with all these huge changes in the supply/demand curves on a minute to minute basis.
Over 1168 we could see buy stops up to 1180 or 1185. Those levels fails we could trade back to 1160. pick your spots..