it's Wednesday, this must be Portugal

Asia closed down good, Europe was mixed and is now up a bit on Portugese bond sale news. We liked it enough for a minor downtrend break of yesterdays descending triangle around 60. This can point to further upside or the creation of a box. Not being savvy enough to understand the finite implications of the Portugal news, I have to go with the Asian headset, which having no news at close, portrays to me a larger sentiment. If it was Kapow news, we'd have a bigger gap than what looks to be setting up.
So my rules say that if we open over YesterCenter, and the VWAP and today's center, the odds for a test of YesterHigh, and perhaps the the 127 fib extension of YesteRange, are good. The only issue is that there is lovely hard point resistance at 70 1/4, and Pivot R1 happens to lie today at 69.75. If you believe the 5 Range Bar Head and Shoulders story from Yesterday, then 70.25, being the right shoulder, should not be violated, or,*closed* above on your favorite intraday time frame.The 60 min chart has a H/S as well, whose right shoulder is at 73.75.

Yesterday was a Daily NR7, which points to a possible big range/trend day either today or tomorrow. Trend Days are often characterized by a +15 Gap, and /or an open over/under the previous day's high/low....neither of which is happening as I type...so I'm guessing maybe tomorrow on the bigger move, since we have a sick chop zone below us and an overbought high above us.

Gap fill @ 58 is usually the first order of the day so, I'll be looking for shorts based on price action around
69-75. After a gap fill, assuming it does, price behavior in relation to Yestercenter will direct further action. If we open over 72.75 (>15) ,I will be watching for a reach for the High-to-Beat, 1878... such an open may indicate big move day today...especially if 78 is busted to the upside.