Option dealers are saying that a break above 100.00 would change the landscape considerably and cause a rush of buying, and I’m thinking that the bulls will now be determined to re-take that important psychological level. The big hedge funds are piling onto this trade, despite the usual August holidays, and if they stay committed then they can have some serious impact.
Elsewhere the majors seem rather direction-less in the very short-term so we may be in for a few sessions of range trading.