So far we have a 4 week Balance. Any additional selling brings the lower balance into focus. Price acceptance below 1417.75 may take us down to the balance low of 1387.
The S&P's continue to 1-time frame down for the last 6 sessions. Unless that stops - the short term trend remains down. Overnight price has made new lows - my focus for today will be the market's ability to stay above the 1417-18 area and below that the 1410 area.
Overnight inventory is mostly balanced but skewed to the long side. I am treating the 2 distributions from Friday as separate days. Opening within Friday's upper distribution and finding acceptance targets Friday's high. A rejection from Friday's upper distribution brings Friday's POC & low and the overnight low into focus.
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