Thursday’s pit session low at 1805.00 is just one point above the two year recent low made on January 20 at 1804.00, which makes it a very suspect low. After OPEC announced Thursday afternoon that it will cooperate on production cuts, the ES rallied 30 points before settling in 20 points above the day’s low to close at 1825.25.

Thursday’s ‘L’ period pullback low at 1816.50 and the 10 wide point of control at 1817.50 could be key as to whether the market continues the rally on Friday or continues lower to once again test the 1804-05 area lows. But rallying from close to exact reference points could imply it is not a strong area and might not hold when retested.

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