Pre-Market Thoughts

Bear resistance
Early resistant level: 308.92 (15min)
2nd Resistance: 309.43 (1hr)

Bull resistance
Early support: 307.56
2nd Support: 306

Expect some fighting at these first levels.
Let the morning shake out occur until the first upper and lower levels are found

Comment:

The fight at 307.57 occurred. Bulls lost it as support. It thus turned into resistance.

Comment:

Minor support at 306.8 to be important. It was Friday after market resistance.

Comment:

Bounced back up and through the 308.75ish level.

next resistance should be 309.43 ish and the big round number of 310 will be attractive.

Comment:

Of note: they were in the descending channel formed last week. They've hopped out and into the ascending channel instead

Comment:

Hit the round number 309.5 Coming back to retest.

Comment:

some fighting to stay in the bottom of the ascending channel.

Comment:

Now its time to test some support/former resistance levels.

309 ish
308.75 ish
308.40 ish

Lets see if theyll touch or break them.

Comment:

1st hour thought. I looks like bulls wanted to close inside the ascending channel. Could this be the touch of the channel before going to the upside?

End of the day will provide evidence to support the theory. Right now may be a little premature.

Comment:

Looking back to the 15th, 308.25ish was the hard resistance before a surprise gap up. The bears are currently trying to drive the price below that number and close a weighter candle under it. If the hourly closes below 308.25 about, we can likely expect some more selling.
What about the bulls? 310 is the magic number. Hourly closes 309.57 should pull 310 onto the table.

Comment:

A thought, since Friday afternoon, not a single 15m candle has closed about the 20sma. Its possible they're following it.

Comment:

looks even more convincing now that the 20SMA on a 15min chart is the boogey to watch for the day.

Comment:

Big jump above that 20SMA :/
Bulls didnt want to get stuck in the descending channel.

Comment:

Closing above 310.78 on hourly will open the door for higher numbers more than likely. Bears have some work to do if they want the chart to enter the descending channel