Prices gapped up on the open last night, so it was no surprise that they traded lower to try and fill the gap. That gap was filled short after the 8:30 AM CST regular session opening, so it is now possible prices can turn higher again.
Since the 8:30 AM CST, prices have been mostly sideways in a tight channel. A quick glance at the daily chart and you can see the gap up put prices well into the overbought band of the Envelope, so a correction of some kind is possible. In strong markets, sideways consolidation is often all the correction you will get, so keep that in mind. It does not mean prices cannot sell off; it is just something to be aware of in case prices only move sideways.
For now, I will call this a mixed range day, but that could change as the day progresses, so stay flexible and follow the price action.
