Composite: Yesterday was an inside day as I predicted. The mini composite has a double distribution. And yesterday's close 1280.75, will be key if tested in the day session.
15 minute: Key zones marked. Day type yesterday was neutral. This morning they are pounding this thing down, but I will be looking for an upward move to the 1279-1280 area.
AM Thoughts: Overnight condition is down trend but we still have VPOC lingering at 1281.50. Wide overnight range. Expecting OAOR or OAIR. Hypotheses: Overnight inventories are to the downside ( 7:35 AM CST ). Probabilities favor us continuing this downward move. Possibly into the old balance area. 1274.50 and 1276 will be key for bulls to defend. VPOC just shifted down to 1276 ( 7:40 AM CST ).
Plan: Today the plan will be to short against the mini composites double distribution ( 1278-1281 area ) or go with the break back into prior balance area ( 1276-1274 ). We could also have a snap back rally on the open, will be looking for a gap fill trade if possibility arises.
Quote of the day: "Trade for risk, not reward."
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