We are in a 5 day balance - 1461.50 to 1443.50. Below us - we have last Thursday's low at 1443.50 where I suspect responsive buyers to step in. If we continue lower - breakout from balance - the next level of support is 1433.25.
Overnite inventory is almost all short - more often than not there is some inventory adjustment at the Open. If the market doesn't care and we continue lower - it is a sign of high confidence. If we open now we would Gap lower - if the market fills the Gap - it is not as weak as it looks. 1450 remains a key reference to the upside - staying below 1450 is negative.
Overnite inventory is almost all short - more often than not there is some inventory adjustment at the Open. If the market doesn't care and we continue lower - it is a sign of high confidence. If we open now we would Gap lower - if the market fills the Gap - it is not as weak as it looks. 1450 remains a key reference to the upside - staying below 1450 is negative.
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