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Seven days following the shakeout seen last Tuesday from 1380s to 1352.50 and the SP is back above 1380, up over 20 today. Following that low we saw the market squeeze to 1388.50, only to fail as a premature rally and fall back into testing the lows. This test consolidated and built a base against 1360 which matched last Wednesday's lows of 1359.25 before the Squeeze to 1388.50. Once again same level 1359.25 and we are pushing against these 1388 highs again. This time around, the market must look for support down to 1380 and hold to try and retrace its NFP breakdown from 1395. This daily activity has found support from its rising trendline from last years 1068 lows, however will be meeting major resistance against 1400. A move above this is needed to get the market back within its daily channel that was broken last week and continue the momentum toward 1441. Sellers will be using 1400 as a level to defend the 1420 highs.
