Yesterday delivered a double distribution day. I treat each distribution as a separate day. The overnight inventory is Short - If we open now we would gap lower - below the lower distribution. Notice the two back-to-back poor lows. The first question is always - will the Gap hold? If the Gap does hold - odds are that we repair the poor lows and head toward the 1400 level. Below that we have 1393-94 level - overnight lows from last week that were never tested in the Pit session. If the Gap is filled - the question is can we get unchanged Value. The top of the Lower Distribution - 1420 area remains resistance. The pullback low from yesterday's upper distribution is 1421.75.
No comments:
Post a Comment