Prices traded down during the overnight session, leaving a large overhead gap on this morning’s chart. Prices have tried to rally but are not having much success thus far. Things are mostly mixed and sideways as I am typing this up. I would expect prices to try and fill that gap if they can, but that might not happen today. Prices may be attempting another measured leg down, which would also not be unexpected since the market is still overbought at the moment. The volume seems to be up a bit this morning as well, so we will see if that holds throughout the day or not.
For now, the trend and bias are mixed to down. Be careful trading in congestion and tight ranges, as you can easily get tripped up doing so. Follow the rules and try and determine the current bias and lean to entering in the direction of that bias until things change.
