It is just a matter of time until we break through the 1060s and approach 1050. My outlook is that we will eventually retest the early July lows. But first things first. We will need to test Friday's low at 1061.75 and break below that. Next support is down at 1050-1053. That is going to be a key level. It also happens to be the low of the Flash Crash back on May 6th. I think we will be testing that this week.
In the short term however, I will be looking to buy the low 1060s (or a pierce of Friday's low down to 1059 might be a better entry). If we trade there overnight, I'll look to enter long there. The target for that trade will be around $1067 for 6-8 points. Lets wait and see how the market trades this evening. I will update more before market open tomorrow.
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Well it is late and because of the intriguing market action, I decided not to go to sleep. We broke down below Friday's lows. I took a long at 1059, but got stopped out at 1057. I am now watching for the next best entry point. I am seeing 1050-1052 as a good range to get long. May just put a limit order in there and go to bed...
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