The SP 500 has had two NR7 days in a row, this is a form of contracting and expansion follows the contracting phase.
Yesterday an AB=CD sell pattern and possibly a larger time frame Butterfly sell pattern,completed at one of the Fibonacci extension levels, but the first hour range lows did not see any follow through.
Today we will be watching the first hour range for possible expansion out of that range. We watch the highs and lows made in the first hour for a breakout type of trade setup.
Important highs to watch are at 1127.50 and lows 1096 area.
Have a great trading day!
Leslie
www.tradingliveonline.com

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