Review Jan 26th

Trade was light again in volume terms with 1.77m trading versus nearly 2.8m average this year. The RTH range was 25.25 points against 48.5 for the full session. Shorts were forced to cover with the early rally in crude but this failed to be enough to push back above 1900.

The P shaped profile left today leaves longs vulnerable underneath the 1888 area. After hours Apple have reported an earnings beat, missed sales and Q2 revenue estimates lowered, plus crude showed another big API build.

Overnight, holding below 1888 could see a retest of the 69.25-71.25 zone. Holding above that we could continue rotation higher towards 1900.