After making multi-year highs, the market has been grinding lower for the last couple of days. The shorts are trying to push this market lower every day but not getting much for it. Friday's upper distribution low at 1449.25 continues to be my focus. Price acceptance below that level will be the first sign of change. I believe the market is getting too short as the POC's have not migrated lower as we make lower lows. In addition, the naked POC's above at 1455.75 and 1459.50 reduce the odds of further downside continuation. Monday's POC is very prominent and will be my focus for Tuesday - do we open in or out of balance relative to 1451-52 area ?
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