Prepared by Jamie Saettele, CMT
Futures volume on Friday indicates short term exhaustion of the bear move and is evidence that a much anticipated corrective rally may be underway. As for levels, 9800-9900 remains a resistance zone but watch the Elliott channel if price holds Friday’s low. 9900 intersects with the channel next week. The 20 day average is in the middle of the 9800-9900 zone (9847 right now).
LEVELS: 9580 9627 9690 9795 9900 9935