Monthly Bar above shows the market got a nice bounce of the August Lows and the top of the lower monthly Balance. Price acceptance below the 1339-42 area puts us in the lower Balance. Trend remains down unless we get acceptance back into the 2 month Balance above.
Weekly Bar above also shows a down trend with strong overhead resistance at 1387 area.
Overnight Inventory is all long. If we Open now we would Gap higher. The bigger the Gap - the lower the odds that it will be filled. If the Gap is filled and Value cannot become unchanged - odds are we may have a late afternoon rally. There were several anomalies in Friday's profile which usually lower the odds of upside continuation. If we continue higher - Wednesday's high becomes the target. Often when the market Gaps significantly higher - the day turns rotational. My focus for this morning remains Wed's upper distribution and Wed's high.
No comments:
Post a Comment