No Change in Weekly or Monthly Trend. The market continues to be range bound until the question on Fiscal Cliff is resolved.
Traders continue to get either too short to too long in the near term. Monday pit session saw the inventory get quite short - as POC did not migrate lower. Monday overnight was more short. Tuesday - while short term Traders tried to push the market lower below the 1400 level - they did not get much follow thru. Tuesday pit session saw inventory get somewhat balanced however Tuesday Overnight session clearly shows short covering. Based on Tuesday's Settle - most of the trade occurred above the Close in the overnight session - implying that inventory is long. Notice that the overnight high is the also the Monday pit session rally high - which becomes a key reference to start the day. Any change will occur either above 1413 or below 1400. Tuesday's POC is very prominent and has high odds of being revisited. Taking out Tuesday's low turns the short term trend back to the down side - takes us back into Wed's range that does need repair.
Traders continue to get either too short to too long in the near term. Monday pit session saw the inventory get quite short - as POC did not migrate lower. Monday overnight was more short. Tuesday - while short term Traders tried to push the market lower below the 1400 level - they did not get much follow thru. Tuesday pit session saw inventory get somewhat balanced however Tuesday Overnight session clearly shows short covering. Based on Tuesday's Settle - most of the trade occurred above the Close in the overnight session - implying that inventory is long. Notice that the overnight high is the also the Monday pit session rally high - which becomes a key reference to start the day. Any change will occur either above 1413 or below 1400. Tuesday's POC is very prominent and has high odds of being revisited. Taking out Tuesday's low turns the short term trend back to the down side - takes us back into Wed's range that does need repair.
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