CME is testing MAJOR support this morning. This key zone includes the summer highs($174.35), as well as the upward sloping 200 day moving average. Today’s test of the 200D is the first since the June 2016 lows, which marked a major bottom. Also in this range is the December spike low.
As it retests the December lows CME is only off 11% from the 2018(ATH) of $197.10.
Patient bulls should be watching the action closely. Stabilization in this zone could provide a very low risk entry opportunity ahead of next week’s earnings report(Feb. 14/AM))
At time of publication we do not have a position in CME.