I'm still standing!

Once again the 90 area held in the O/N session and given failure to break below(for now) seemed likely that the market would try and rotate higher to attempt to capture the vaunted 20 area and then the globex high thurs/fri at 39.5. Barring the initial rotation at the open where the move up was relatively smooth the bears made it quite difficult after the retest at the 15 level. . We spent an awful amount of time in the 24 -28 area. The bears were defending this quite vigourously. If you were watching the DOM, it was quite interesting to see the battle for the bid vs the offer. For those with an eye at the ultimate prize above 30, it was a grind up.

What now? Wes still did not get to 39.5 to determine the fate of the market. Given that we closed at or near HOD, it is likely that this will continue. Perhaps, a move to the 50-54 area. On the Daily chart, it appears that an H&S is forming, but we will only know if it breaks the 70 area if it morphs into something meaningful. Below 90 is again an area of considerable price discovery so trading lis likely to be thick.

Lets see what the globex brings but if it does not break the 20 area to the downside it is likely to continue higher at least in the VST. GL.

Comment:

Nothing really has changed, except that failure in the day session to attempt the 47 area O/N high is a bit concerning if you are bullish. AS I type, we are once again on the ledge (20 area) where many a battle have been fought in the recent past. Once again, the 27-30 area looms ahead. Given tomorrow is FOMC, anything is likely, and the way the market is set up currently, it looks like a trip to 90 and perhaps 75 is on the cards. I would be watching for a break of the 07.5 area for a potential push down. GL