As we begin the month of November - it is important to keep the bigger picture in perspective - we are still 1-timeframing up on a monthly basis. October was an Inside Month - implying Balance. Taking out the October Lows will be the first sign of change.
Daily Bar above. As mentioned in my Blog post earlier this week - the market appeared to be quite short. We came in this morning with overnight inventory mostly short. And what we saw today was mostly short covering once we got above the 1416.75 level. If the breakout holds our next reference above is the 1431 area.
My reference for Friday is the Spike and Prominent POC. Opening within or above the Spike and trading higher is positive and targets the poor high at 1431. Thursday's POC was very prominent - any opening away from the POC has high odds of returning to it. The breakout level at 1416.75 now becomes Support. Price acceptance below 1416.75 implies a breakout failure and targets Wed's POC and/or Low.
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