12pm update of my thinking -- would be curious to hear others.
Fridays high is starting to look like an 'excess high'...
so there are 2 options here:
1) a new down auction began and just ran down -10 pts off 70.25 Friday
PVP -- could run further but also could be long in the tooth.
or,
2) this morning was just a shakeout move down to get the weak longs out and the up auction is ongoing and could re-ignite in the afternoon session.
#1 seems more likely but that is just a guess. location close to the 58.00 high-volume area along with potential upside residual momentum left-over from friday argues for a long entry somewhere not too far above 58.00 and play for a re-test of Friday high... if we do re-test and make lower high --- that would then be bearish. until then though, still considering the long-side if a short-term entry presents itself and 1558.00 support is not too far beneath the entry.
attached is simplified
PVP summary