The market gapped up today and in the first hour took out last week's high by 3ticks. Looking at the weekly bar below...we are now in a 4-week balance. While I continue to maintain that risk of being long is high based on structure - the market can continue higher. However, when balance areas form this close together - it is a sign of an aging trend and a low confidence market.
Daily Bar below shows two balance areas. After making several attempts this week, price traded into the upper balance and closed within it. The destination now becomes the 1462 area, however, it does not mean it has to get there.
Thursaday's POC was very prominent. Any open away from the POC has high odds of returning to it. Initial support is the "H" period low at 1450.50..below that is the balance area low at 1444.50
Daily Bar below shows two balance areas. After making several attempts this week, price traded into the upper balance and closed within it. The destination now becomes the 1462 area, however, it does not mean it has to get there.
Thursaday's POC was very prominent. Any open away from the POC has high odds of returning to it. Initial support is the "H" period low at 1450.50..below that is the balance area low at 1444.50
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