We came in short from the Sunday overnight session and the market sold off without tagging the prominent POC from Friday. Net inventory position is Short and Monday's POC did not migrate lower as the market slowly made its way lower. While Friday's poor low was repaired, Monday produced another poor low which shows that the market may be getting too short. I will be watching 1449.25 for support as the odds of a bounce are high. 1449.25 represents Thursday's overnight low and the bottom of Thursday's Pit Session Upper distribution. Price acceptance below 1449 area targets last Wednesday's high at 1433.75.
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