A gap higher into Mondays’ trading day provided enough lift to cross above the important 200 day moving average. The area of 1120-1123 will be the next test for the bulls. Any convincing break of that level could push the futures up another 20-30 handles into the mid 1100′s. The bears would like to see a move lower not only to fill gaps, but also to re-test the 50 day moving average. This week provides more economic data, contract roll-over, and option expiration which should increase volatility and give either the bulls or bears enough momentum to push to these areas.
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