Prices sold off strongly just after the regular session opening, probably on news of retail sales and PPI. However, prices quickly found support and formed a V type bottom and quickly erased all of the loss. There appears to be strong resistance around 6726.00 – 6730.00 price level, so be very careful getting long into the price level.
I would call the trend and bias up for now but respect the resistance level I noted until prices prove that price level is no longer holding things back. Expect mixed trading at times as well. Just as I am typing this up, prices finally broke higher and shot right through the resistance. I think the rally on to new highs in in play still, but be careful getting long into the highs of the day.
