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Testing the 20 SMA on the daily, a close down here would be a break of the trendline. I wouldn't be surprised if we see another expanding cone action we saw in early Feb. Not saying that will happen, will just have to watch the VIX and ADR and see what happens.
Overall there are a few areas below to test and find support.
A 10% correction from current price would be 3645 area. Not making any calls, but I like to keep things in perspective.
I do believe that we may see some down before up. I would like to see a break down of the current trading range and that break down get bought into a new rally.
I would like to see a correction, but before then we will need to break support around 4050. We've retested this zone multiple times (more than three X's), we may break we may not.
I would watch the action to see what it's doing around 4050.
Friday's action possible start to retest highs. I'm watching the pace into the 4050-4055 level.
I concur on the 4050's being support. It is the floor of the current TR and if buyers fail to buy it would could get a bigger move down. I believe that this TR will increase in size before we see a real correction or continuation. Next week will be interesting with all the data releases and new events.
+112 ticks on the old contact. Switching to the new one. I am done for the day, but will do some homework and gather some ideas for tomorrow on new contract.