Good morning!
Well well well, another week has passed and yet another new range. From 5200, to 5300, to 5400 and now 5500 with the rollover! Please bare with me if there are any typo’s (ha!).
It was quite the eventful week, with a clearance over the channel finally, a new zone into CPI, FOMC, and contract roll taking us to 5500. All of which, we had accounted for. I mean, just take a look at the mock!
That pretty much speaks for itself. Although we had odds of breaking back beneath the channel and testing the zone once more, we instead sustained the channel at the 5333.50-5334 area and cleared 5348.50/5349.25 (finally!), allowing us to pin above 5368.25, and expand above core of 5385.50, to 5388 into CPI. This then broke us into the zone, clearing and headed directly to the channel (5433-5449). Once channel was swept, major areas were tested (5452-5454 etc). Although we were unable to expand to 5457-5458 or core areas of 5468-5471 etc., we knew this probability this week was low. Hence, that range of expansion was not really expected, especially considering the contract rollover.
So, what’s next? Do we expand and retest or consolidate and digest with it being OPEX?