Using the reversal system, the market elected two bullish reversals on the week of Oct28, and two tentative bullish reversals on the close of Friday, hypothetically you should be long 2 contracts. Projected resistance is standing at 98.76 while some support lies intraday at 75.06 where any protective sell stop should reside just under that number at this point in time. A break of that level may signal a reversal in trend to the downside near-term. A closing below on a weekly basis will most likely warn of at least a pause in the uptrend. The next bullish reversal on this trading level stands at 100.20 which we would have to close above to warrant adding another long position.

WEEKLY OPENING PIVOT NUMBER

On the weekly time level, the number to watch on the opening for the week of November 18th will be 8009. We need an opening print on or below that number to maintain any downward momentum. Our projected underlying support intraday lies at 7870. A break of that level intraday and a closing below that level would warn of a sharp break to the downside is underway. Our extreme projected underlying support intraday lies at 7612. Our projected overhead resistance intraday stands at 8446. A breakthrough above that level intraday and a closing above it would signal a possible sharp rally to the upside is underway.