We have been working the bottom range (1069-1074.50) for a while now. There have been a few attempts to break above 1075, but there has been nobody willing to buy nor any shorts willing to cover. If we test the afternoon highs again, I would not feel comfortable shorting on the third attempt. I will not buy it either.
Levels I am looking at now:
1078-79 is a nice level to take a short scalp and 1083 should be a nice short. I will look for more than a scalp in the 1083 area.
The lows for the day may be in now, but the weakness remains. We will have to see if we move down to retest the lows again now. If we do, we are likely to see a new low. If that happens it will be difficult to nail the bottom, but I would feel comfortable buying the 1063 to 1065 range. My entry will depend on volume capitulation...
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