The overnight range is 5.75 points from 1222.25 – 1216.50. The significant technical level is 1216.75 the previous high of the year. When the futures opened overnight we gapped lower and have since filled the gap. We have seen decreasing volume the past few days. My thesis of the market move the past few months is that a rally heals everything. The decreasing volume, in my opinion, is because institutions do not want to fund this next leg up. The wild card is the dollar and we will see if the Nasdaq has anymore steam. Fridays 24hr sessions range was 12 points 1224.50 to 1212.50 both significant levels. Above 1227 and below 1210.50 would a breakout in volatility. 1217.00 has been an area of support and could turn to resistance. My initial reaction is to look to sell rallies but not expecting too much of a range. As information shifts so will I.
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