PERSPECTIVE: Last week the S&P's broke out of an 8 month balance aided by announcements from the ECB, German Courts and from an open ended Bond buying program (QE) from the Fed. So far, price is accelerating higher and we continue to build higher Value supported by above average Volume. From a longer term reference perspective the prior monthly high at 1417.75 become support. The next upside weekly and monthly references are 1473 and 1482.75.
Looking at the Daily Chart below - I see two distinct balance areas below. We have been 1-timeframing higher for the last 3 sessions. All Trends remain UP, however, if there is to be any major pullback 1433.75 is the next downside reference - the balance area high from 9/12/2012.
Friday - price accelerated to levels not seen since Dec 2007. Just as soon as the high was made - we saw immediate profit taking with price making lower lows for the remainder of the session. Friday's POC is very prominent and the profile shows an incomplete auction to the downside - a poor low. My immediate downside reference is 1449.25 - Thursday's overnight low and the bottom of Thursday's Upper distribution. Price acceptance below 1449 area targets last Wednesday's high at 1433.75.
Looking at the Daily Chart below - I see two distinct balance areas below. We have been 1-timeframing higher for the last 3 sessions. All Trends remain UP, however, if there is to be any major pullback 1433.75 is the next downside reference - the balance area high from 9/12/2012.
Friday - price accelerated to levels not seen since Dec 2007. Just as soon as the high was made - we saw immediate profit taking with price making lower lows for the remainder of the session. Friday's POC is very prominent and the profile shows an incomplete auction to the downside - a poor low. My immediate downside reference is 1449.25 - Thursday's overnight low and the bottom of Thursday's Upper distribution. Price acceptance below 1449 area targets last Wednesday's high at 1433.75.
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