The weekly bar shows that the S&Ps continue to 1-timeframe down for the last 4 weeks. We are within 7 handles of reaching the destination which remains the 1387 area. There will be no change in trend until the 1-timeframing ceases and/or the market comes into Balance.
Looking at the Daily Bar above - it shows the market in 6 day Balance with a couple of overnight lows in the 1393-94 area that have not been visited. It would be unusual for the market not to visit these lows in the regular pit session. The profiles don't reveal any additional information other than the fact the we continue to develop overlapping to lower Value within this Balance area. The merged profile for the last 5 days shows a very prominent POC at 1406.75. I will be looking for any directional auction that takes us out of Balance and away from the POC. On the upside we have short-term resistance at 1409 area.
No comments:
Post a Comment