Please reference my posts on ET concerning the 20 and 15 day profiles. Not being able to get above 685.00 (20 day profile) is bearish . We then have the ledge at 683.20 which trading below this ledge should take us lower. Trading below 682.00 will tell us that the market rejected yesterday's idea of value. 682.00 can also provide support. Downside below 682.00 we can trade to 677.00 then 672.00 Trading above 685.00 is bullish. Above 686.60 is above yesterday's value area. 690.00 is resistance. Above 690.00 we can trade to 693.50 top of 5 day bracket
We are in a similar place as yesterday. The battle line has been drawn at 685-686. As evidenced by thursday's trading, control went back and forth between seller,buyer, seller, and then buyer and look were we ended up....685-686. This is the point of control. Trading above 686.00 is bullish and below 685.00 Bearish. We still have that ledge on the 15 day profile at 683.40. If you go short you want to see trading below 685.00 but you have to monitor 683.40 closely and we must stay below that area. Next area to watch is 681.60 which is the bottom of yesterdaay's value area this can provide support. If this fails the next area is 680.40 which is the bottom of the 5 day bracket. If this bracket does not hold then 677 is possible and 672.00. If we trade above 686.00 and you decide to go long your first area of concern is 687.60 (top of yesterday's value). If we can trade above this area then 690.00 is still resistance and above that is the top of the 5 day bracket at 693.60. Above 694.00 is unchartered territory....700.00 is possible