Prices are rallying this morning, and as of this report, this continues to look as if yesterday was a capitulation day. Prices have taken most of the losses from yesterday back again. We will have to wait and see if this sticks of course, but as of now, prices are rallying and the trend and bias are both up.
There is a large gap on the chart, and if prices were to turn lower in an attempt to fill that gap, that target is way down at 7335.25. I would not be surprised if prices don’t find a range soon and just chop sideways as they digest the big rally. Stay with the uptrend as long as it remains in play though, just be careful getting long into the highs of the day. Wait for pullbacks and good setups with plenty of room to scalp out.
