For Wednesday June 27, 2012

The first chart above is a Daily Chart - Pit Session Only. The next chart above is also a Daily Chart but includes the Globex session and shows that we are still 1-timeframing down on a daily basis i.e. short term auction remains down. Today was a fairly balanced day with Price auctioning within Monday's range with late break to the upside in an attempt to fill the Gap above at 1320.50. The Pit session Close was 1316 which in the center of a 6-day balance (June 7 - June 14). The next 3 days are usually considered end of quarter "window dressing" where many portfolio managers add to winners & sell losers depending on how the Qtr is shaping up.

Let's look at the Profiles next:

Value was higher but the Bulls were unable to the close the Gap above - remaining Gap is 1318-1320.5. View Monday and Tuesday as a 2 day balance with a Poor High and Poor Low. Merging the 2 day Profiles shows the POC is still at 1306.75. The key tomorrow is to see whether we open in or out of balance relative to the 2-day merged profile. Possible scenarios for Wednesday:

1. Stay within the 2 day balance
2. Auctioning above the 2-day balance and closing the remaining Gap targets Friday's balance area and the 6-day balance High of 1330.
3. Auctioning below the 2-day balance targets the 1298-1300 level and below that the Gap 1280.25-1286.50.