http://youtu.be/0UjsXo9l6I8
The pullback yesterday occurred in an orderly fashion with the market finding support at the first key level below Friday’s range. It wasn’t important that we traded inside of Friday’s range. Had we done so that could have cued us to an impatient bull. Instead we want to see now is price tighten and coil into a range. This will give us a tight set of profile characteristics to cue from.
Below I’ve noted the chart and my expectations should we trade above/below certain price levels. Should we enter the below “slip zone” it will be vital that bulls defend the support down at 1445. The area is home to heavy initiative buying and losing the level puts many positions initiated into the New Year under water.
