Perspective: The S&P's have reached and slightly exceeded the 8-month Balance high - this is a Go/No Go level. All trends remain up with the Weekly and Daily trending up as well.
Friday was a low volume, low conviction day which left a poor high, poor low - both of which have high odds of being taken out and a very prominent POC that has good odds of being visited. If there is any change to the trend it will begin with price acceptance below 1411.25 - the previous 2012 high with Value building lower. There were several anomalies on Thursday that have good odds of being revisited should the trend change to the downside. For Monday - Treat Friday's range as balance and apply the rules of trading Balance :
- Remain within balanc - low odds;
- Look outside of balance and fail - good odds; If the market fails on one extreme, the destination trade becomes the opposite extreme.
- Look above or below and accelerate.
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