8:25am
Yesterday was gap trading on the downside from the higher pivot @ 6627, and it took nearly all day to complete the R44 range, which was 2nd lot exit zones.
Whenever the market opens around the center of the 5-day range its' probably the hardest and most choppiest time for any day trader, but hopefully the risk can be minimized today..
One thing we notice about Tuesday and Wednesday is that on both days the R44 lows are attracting buyers into the market. Even though price is still trading below the 3-day lows and Weekly 50% level (bearish), there is buying strength coming into the market, as pointed out yesterday.
Risk 6586...
Depends on the open, but the R44 will complete @ this level, if there is going to be any buyers coming into the market, then the expectation is that any up move is going to be a minmium 44 points and I won't look to be shorting above this level, as any move could just continue higher into the close.
Below 6586, and expectation that price is moving down closing the 'gap'. @ 6562.
But I won't be looking for longs below 6586 today. The Trend is down and could go down much further because of the overall trend, but at the same time it could be simply a choppy day waiting for direction in US markets tonight.
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