As mentioned in yesterday's blog post - the expectation was that the market would come into Balance today and that is what occurred for most of the day prior to the late day sell off. What we saw right of the Open was some liquidation, however keep in mind that all trends are still UP. My focus for tomorrow is the 2 day balance shown above. Question is do we open in or out of Balance tomorrow.
Here are my observations regarding the the profiles below -
- A Prominent POC at 1439.50 that did not migrate lower as the market was selling off - positive
- Unchanged Value - positive
- Two back to back poor lows - Tuesday and Wednesday - which is negative. These poor lows usually have an exponential effect and take precedence over Value. Odds are that we repair these lows tomorrow.
- If we do repair the lows tomorrow - the base of Monday's Spike is support.
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