So apparently the pre-opens high of 1015.25 wasn't enough of a test of the 1016 high for buyers (or sellers for that matter) and today's price action now leads me to believe we need to have a test of the high before any real trending can begin. This has been a very strange couple of weeks as the ranging has not been as predictable as I might have liked. But this rally has had no pullbacks so its not surprising that the consolidation is just as neat and tidy.
So the next step is for a restst of the high at 1016 and these retests usually exceed the high by a calculable margin (in this case 1019.50 give or take) So I'm still not counting a bearish resolution out, but if we can get a close above the prior high of 1016 tomorrow. I think it is fair to say we are off to the races and a new rally leg will begin.
Sellers can show their might by allowing a test of the prior high, and then closing back under todays close of 1013.75, although I woould prefer a close back under 1011. That would indicate sellers are staunch opponents of a new rally leg and may still be around to start their own sort of "rally"...
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