Potential trade scenarios:
– Price looks above and repairs Wednesday’s poor high and finds acceptance back in the upper distributions from 8/22, 8/17.
– Price looks above and repairs Wednesday’s poor high and fails to find acceptance higher, returning back into Wednesday’s range.
– Trade below Wednesday’s settle at 2441.50 and accelerate/find acceptance in the combined lower excess from the excess single prints in the 8/22, 8/23 profiles, and potentially targeting the unfilled gap from 8/21 at 2429.50
– Trade below Wednesday’s settle, look below the low at 2438.75 and return back into the small, 9 point range, potentially targeting the poor high at the opposite end.
– Remain in balance, unlikely because of the narrow range.