05/01 range bound back and fill

The 1392 level I talked about yesterday is proving fairly resilient. To be fair the market is quiet with the May day holiday but it is doing a back and fill of a pocket left behind on the US housing news last week. On the upper level the gray area on the chart is a similar pocket from the sell off after NFP on the Easter Friday 04/04

This chart has some more explanation on what I see is going on at the upper level.

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