Good morning mountain climbers! We’ve awoken to another green globex session, as the market continues its march to new highs. Overnight the session peaked out at 1544.25 and as we press through the mid-week the ball is firmly in the bull’s court. It’s important they remain in control at these elevations, perhaps a gap-and-go situation otherwise sellers could target a gap fill back to Monday.
I’ve cut my profile chart down to the last two sessions only now that we’ve poked above the range battle that occurred over the last few weeks to get my eye closer to the action. On the surface, yesterday looks like a balanced session with a smooth bell curve as the result. Peeling it open, we see a gentle roll occurred throughout the session, with what looks like profit taking from longs into the bell.
The big gap below is cause for concern. However, given the context of our trend higher it poses less risk of filling. I’ve market a few levels I’ll be keying off of today on the chart. It wouldn’t completely surprise me to see the lows get taken out to shake out a few longs before we continue the day unchanged or higher.
