Prices continued to rise during the overnight session but have found some resistance now and are mostly range bound. Some consolidation at a minimum is normal after a rise like the one we have just witnessed. The higher open at the 8:30 AM CST regular session opening created an overhead gap on the chart, and prices may attempt to fill that gap at some point today. That target would be down at 7774.50.
If you look to the daily chart, the Envelope Bands are showing that the market is very overbought. That does not mean a correction comes today, but we will likely see that or some continued consolidation, which just means some sideways action, as the market digests the large move it has just made to all time new highs.
As for now, I would call the bias mostly sideways with a mild upward bias due to the recent rally. That does not mean prices cannot or will not rally higher, or even go lower today, as large rallies like this sometimes take some time to completely simmer down.
Mack’s Daily Chart with the Envelope Bands/Strategy.