[Soultrader]

Yesterdays range of 45 points was the narrowest range in the past 3.5 months. On July 31st, we had a 44 point range just to see a 125 pt range the following day.

The question is can we expect a wide range today? The holidays does worry me a little and this may or may not happen. We have been consolidating now for 4 straight days. We will need to see a break above the 11/20 high for any possibility of a trend.

Some key reference points today:

12320 - 12325: I am looking to fade this level.
12370: Fade or play breakout. This is R1 and previous days high cluster as well as 11/20 POC.
12387 - 12390: 11/20 high. This will be an interesting level to watch. Although I might play the breakout I may watch until we break the 12400 level.

Basically I will only trade 3 levels. The only other trade I will take is a scalp at the open.

Good luck.