Prices extended the gains from Monday and ran into resistance, but closed higher. A key for prices in the week are volume and participation by the traders. Managed Money long positions gained through the 23rd of June (latest CFTC report available) while short positions were flat. The traders buying on the declines last week, may give some indication of what will happen on the shortened week. History shows that weakness surrounds the holiday period, but that does not confirm that this rally is defunct. Stick to the range trade the market has provided for three months.
Major Support: $1.484-$1.44, $1.336 Minor Support: $1.527 Major Resistance: $1.595, $1.611-1.642 Minor Resistance: $1.722, $1.864-$1.896
