Friday, November 30, 2012

S&P Futures Update for Nov 30, 2012

 

Thursday saw another push higher on low Volume. Long Risk remains high - Wed's structure was too stretched out and needs repair. However price acceptance above 1418 area targets the prior 2-week balance high at 1431. Overnight inventory is mostly short. Any opening away from the prominent POC has high odds of being drawn back to that level. Wed's high should offer short term support. Acceptance back within Wed's range may trigger a liquidation break.

Thursday, November 29, 2012

S&P Futures Update for Nov 29, 2012

 

Short and intermediate trend is up. Having taken out last week's high the S&P's have found acceptance back within a prior 2 week Balance - the destination trade becomes the top of that balance - 1431.75. It does not meant we have to get there to the tick. The key weekly reference is 1417.75 - clear acceptance above that level targets the 1431-32 area.

 

Wednesday almost delivered an Outside Day. The profile looks too stretched out which usually is a result of violent short covering. This morning - overnight inventory is all long. 1415 fills the range gap above. Failure to find acceptance above the 1417-18 area may trigger a liquidation break. Acceptance above this level then targets the 1431-32 area as mentioned above. The key references for this morning are marked above.