Wednesday, November 21, 2012

S&P Futures Update for Nov 21, 2012

 

Price acceptance above 1393 puts us back into the 2 month balance and may trigger a rally. The overnight high this morning is 1389.25. The weekly bar below also shows 1393 as a 2 week balance low - acceptance above this level puts us back into the upper weekly balance.
 
 

 

Yesterday's profile shows both a poor high and poor Low. A failure at 1393 has good odds of price trading back to y'day's lows. Notice also that the POC's on both Monday and Tuesday did not migrate higher - indicating that short term traders may be too long.

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