Review & Plan - Wednesday
Review
Market continued to accept above the gap and consolidated inside the prior day filling in the low volume areas.
Overnight
The range is currently 2077.00-85.00, consolidating inside value of the current range this week.
Plan
The market continues to balance in a tight range rotating around value. Yellen is speaking again today at 9am cst, followed by EIA Petroleum Status Report at 9.30am.
Until we see acceptance below the 68-71.50 support or above the 86-89.75 resistance, expectation is for continued rotation around value. The longer this continues the greater the energy of a breakout.