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Price is stair stepping upward toward August's high at 50.00. The days are starting to bunch up. There are a lot of high volume nodes below to act as support so my bias is till slightly long. If price begins to blow through the POCs of the last few days it will be time to switch bias to the short side.
Price is sneaking up on a couple of major swings from August (thick yellow line and black line). Every 5 to 10 ticks there is heavy trading and then another level higher is established. I can only surmise that smart money is either liquidating or establishing positions, or both, as the market approaches the two resistance levels above.
Of course this is pure speculation and therefore I will try not to get too attached to this theory. In addition, today is inventory day which can blow all scenarios out the window in a matter of seconds. For now I am long biased until price reaches one of these levels or a clear reversal takes place in the mean time.
Price continues to work higher. On the daily chart we are in an area of previous congestion (not shown) from a couple of months ago. In the globex hours price is bouncing in a 70 ticks range between 50.00 and 50.70. Currently we are hovering around yesterday's POC. My bias is neutral at this point so I will have to wait for order flow signals around the POC and the edges of the ranges for clues.
Price has tested some lower areas of yesterday's rally and is working its way back towards yesterday's RTH POC. There are a couple of scenarios depending on how it reacts if it gets to the POC. My bias is fairly neutral this morning.
The market is in the range from the past two days. There is potential support and resistance all over the place so there are many options. Attached are a few of the options, but I will really just be looking for order flow clues for trade selection in both directions today.
There is a stacked RTH POC at 49.80 to get through to the downside and the lows of Tuesday and Tuesday's POC to get through to the upside. In between I'll be trading S/R and order flow both ways.