Composite: Huge rally on Friday. Top end of volume distribution looks light on volume. Probabilities favor movement into the light volume zone. Especially 1286.75-1283.75.
15 minute: Keys zones marked. Yesterday was a short trading holiday. Day type on Friday was a trend day to the upside. I will be looking for a move down to areas mentioned on composite section.
5 minute: Important HVN/LVN's marked on chart.
Globex: We ran up and tested the 1291.50 CLVN and rejected down to prior know support area from Friday ( 1282.75 ). Then we rallied off the support zone all the way to 1293 and now we are starting to show some chinks in the 'bull armor'. Now trading in the the 1290 area ( 6:40 AM ).Hypothesis/Plan: Overnight inventories are to the upside. This means traders may be long at disadvantageous prices, that are too high. probabilities favor rotation to areas mentioned in composite section. If market opens within the range I will look to buy areas mentioned above. If we open outside the range I will look to trade a gap fill. If we open under Friday's value I will look for opportunities to short.
Quote of the day: 'Do the thing you fear and the death of fear is certain.'
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