As I had mentioned in Sunday night's post - the odds of upside continuation on Monday were low. Monday - price entered the prior 2-day balance (Thur/Fri of last week) and sold off down to the Balance Low. Monday delivered an Outside Day - which implies that price usually moves further in the direction of the Close. However, looking at Monday's profile - shows inventory that got too short in the Pit Session. Overnight session is further short. Unless we get below the 1400 level convincingly - we may see a short covering rally. If we do sell off and enter last Wed's range - I would watch the 1392-93 level as support.
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