Weekly Bar still shows a 4 week Balance. Looking at the Daily Bar below - I see that the short term trend has turned down. From a weekly reference perspective we have two key levels below us - 1427.75 and below that the 4 week balance low at 1424.
The S&Ps broke away from a very prominent POC on Monday and formed another distribution below. When the market single prints out of balance away from a prominent POC - the odds of a reversal are very low. A couple of data points - Recall that we have 2 poor lows from 9/28 and 10/2 that need repair. There is a good chance that the market finds support at the 1427 area. For tomorrow - I will be monitoring today's lower distribution and see if we open in or out of balance relative to today's Value Area and prominent POC.
The S&Ps broke away from a very prominent POC on Monday and formed another distribution below. When the market single prints out of balance away from a prominent POC - the odds of a reversal are very low. A couple of data points - Recall that we have 2 poor lows from 9/28 and 10/2 that need repair. There is a good chance that the market finds support at the 1427 area. For tomorrow - I will be monitoring today's lower distribution and see if we open in or out of balance relative to today's Value Area and prominent POC.
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