The S&Ps opened out of Balance to the upside - retraced some of the range from last Tuesday's liquidating break and settled back within what is now a 4-day balance - the range being 1424 to 1444. If you read my blog post from yesterday - that was one of the two scenarios described in the post. Intermediate trend is down - short term trend is balancing.
Monday delivered a double distribution day with Value clearly building higher. I treat each distribution as a separate day. Friday's low was very poor low and the profile shows a couple of anomalies that have good odds of being repaired. For tomorrow - I will look for where we open with respect to Dist 2 - in or out of balance? Now that we have been rejected from the upper balance (1444 & above) - the odds are high that we test the lower balance again (1433.25 and below). Finding acceptance below 1433 targets the 4-day balance low 1424 and below that 1417 area.
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