The premarket Futures session began about three hours ago. If the market opens in a little over twelve hours at
the current levels, expect to see considerable selling back to the bottom of the
channel and possibly through it. Notice the symmetry between the action Monday
and today's open. Just following the laws of vibration, price declined to the
38.2% extension and then climbed up to the 38.2% extension on the top side. The
reason price has risen is the fact that the smart money is distributing and no
one wants to be in long positions at these levels. Determined to sell, traders
are getting out regardless of higher prices.
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