The larger picture remains the same - the S&P's are 1-timeframing up on both a weekly and monthly basis. The first sign of change will be when we take out last week's low at 1539.
The daily bar shows that price has re-entered a prior balance 1558.75 - 1531.75. Further acceptance within this balance area targets the Balance low at 1529.50 - 1531.75. This would also stop the 1-timeframing to the upside on a weekly basis. Thursday was an inside day - another form of Balance as the market awaits the Jobs/Unemployment number due out tomorrow. The ideal setup would be a breakout from the inside day.
Looking at the profiles above shows the following:
- Value was unchanged for Thursday.
- A prominent POC. Any opening away from the POC has good odds of being drawn to it.
- However a directional auction that starts at the POC has good odds of continuation in the direction of the breakout
- Taking out the 1560 area above targets the leg highs at 1568
- Taking out Wed's low targets the next weekly low at 1539.
