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Price action during the overnight session pushed
down to make new lows at 1102.75, achieving our
conservative target. Price subsequently bounced
strongly and has pushed up to the 1107.75 level
and backed off. Price has drifted lower to
support at the 1106.50 level and will likely push
higher.
Additional target higher are at 1107.75, 1109.25
and 1110.75. On a push below 1106.50, the targets
become 1104.75 - 1105.25, 1102.75, 1101.50 and
1099.75.
Price can push in either direction from this setup
and we will likely wait for the opening range to
be established before trading.
Good Trading,
Charles Holt, S&P Trader & Mentor
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