Opening Play for Thursday 1/30

Below is a 60,000 tick chart.  “A picture is worth a thousand words.”  The market can stage an oversold reaction  up after a large outside down day.  The pit session was actually a relatively  narrow range day with a small gap above the pit session high of 1781.  A poke above this may be able to lead to the 120 minute EMA which has yet to be tested (basis pit session).  1783 would prove to be formidable resistance though, and any early morning rally will still lead to a shorting opportunity for at least a  scalp.  Eventually the lows can still be tested as well.

1-29-2014 5-44-26 PM

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