The S&Ps made a lower High and Lower Low but closed right back within the Upper Balance Area and essentially unchanged from y'day's Close. The weekly bar continues to show an Up Trend. As mentioned in last night's blog post, if there is to be downward continuation, we will see price acceptance below the 1407-08 level and lower value. We did get lower Value today. On the upside, unless we see price accepted back above 1416.75 level, the short term trend may have turned down.
Following the FOMC announcement, the S&P's experienced a short covering rally that may have left the market too long - notice the POC did not rise as the market was rallying. The profile also shows several anomalies, lower Value and a poor Low. Odds are that we see these repaired/corrected in the next day or so. For tomorrow - I will be looking at whether we open in or out of balance relative to Wed's range. The key reference above is 1416.75 and reference below is 1407.
No comments:
Post a Comment