[TheNegotiator]

Originally Posted by joshdance »

You mean that if the open is rejected, that range could be extended down?

Possibly although I was more referring to the chance of a neutral day.

Originally Posted by joshdance »

Meaning, it's not very decisive right?

Correct.

[TheNegotiator]

Bear in mind that it's going to be lunchtime soon and my guess is that some traders will either do something else or go home early given how slow the trading is currently. Doesn't mean that there won't be chances later on though when they've left

[joshdance]

Open rejected twice ... not much conviction down, but not much up either, yet anyway.

[TheNegotiator]

Yeah it could pull back with people squaring up before they go to lunch/go home and still trade higher. Watch activity. Watch Volume POC and IB low. I think the low is still quite poor though. 7.50 points even with this movement is low for the day so I'd certainly expect either a break of the high or low. This time yesterday, range was 6.75 and finished 9.50.

[TheNegotiator]

Open out of the way, high will likely be next(/69.50).

[joshdance]

From the big gap up from last week to this week, the market has now tested last week's high, and found little interest in selling into that range. Do you think that may indicate a longer term conviction to the upside (by "longer term" I mean the next week or two)? This is obvious stuff I know, but I'm trying to be a bit methodical about this. Obviously we would need to trade up into yesterday's range first to really get serious about that. And if we don't right now, perhaps a further test of 63/64 will be needed.

[joshdance]

Originally Posted by TheNegotiator »

Open out of the way, high will likely be next(/69.50).

69.50? Why not 70.25?

[TheNegotiator]

Possibly. I did mention targetting 1300 in my first post today, but also I'd caution thinking about that yet. It could do 1262.75-1272.75 today 1269.50-1259.50 tomorrow then anyone's guess for Friday. I think for the us to get excited about 1300's, we need to get into yeterday's range, build, test 83.50(prior major swing high) then show strength above. So there's still a fair bit to be done and with NFP due so soon people won't want to commit(that is unless someone gets the nod beforehand).

Edit:1277 is a nice short term res level too from yesterday which would need to be taken out first.