Expecting a balanced day with the idea of taking longs and shorts toward the 12180-12220 area. What do I mean? I think that as long as the market is bidding 11962 / 12048, my expectation is the 12185 area can develop as a POC (high volume area) in this distribution.
Ideas for the day...
Look for long opportunities into 11940-962 targeting 12048 / 100 / 184.
Look to sell rallies above 12264 target 191 / 128.
On a larger timeframe, it is hard for me to be overly bearish as long as we do not close beneath 11962. In the event of a daily close below 11962 I will expect the market to retest the 11848 bid from last week, and determine my next move from there. The two critical locations for me this week are 11848 and 12305. If 12305 bids, I expect the market to run to 12580.
Ideas for the day...
Look for long opportunities into 11940-962 targeting 12048 / 100 / 184.
Look to sell rallies above 12264 target 191 / 128.
On a larger timeframe, it is hard for me to be overly bearish as long as we do not close beneath 11962. In the event of a daily close below 11962 I will expect the market to retest the 11848 bid from last week, and determine my next move from there. The two critical locations for me this week are 11848 and 12305. If 12305 bids, I expect the market to run to 12580.