Tonights update will be in three parts. First I'd like to focus on the higher time frames, then conclude the post with a recap of the daily session. From the Monthly chart, I've drawn a blue line on the chart @ 1060. The level of support is significant as I believe this is the bulls last stance! The area has been tested on two prior occassions , as depicted by the blue arrows. On each test, the bears were unable to drive the market lower, a telling sign of a ensuing rally. Also, note the lower shadows on each candlestick gave a visual indication that selling pressure was being somewhat absorbed by the bulls.
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