Prices closed at the highs of the week after trying to close the gap remaining from the premium that was afforded the December contract. This creates the second gap remaining in the Daily charts from the expiration premium (see chart below – highlighted by the dotted red lines). December traded as low as 3.151, narrowing the gap to a dime, before the highest volume day of the week indicated sufficient interest that the new prompt closed higher for the day extending the rally through its September high (3.362) in the after market trade.
These areas will provide support to the market in any extended declines. A confirmed close below the December expiration gap will assure a test of what is now long term support from the key area from the November contract between $2.98-$3.05.