Perspective - All trends are UP. After 1-timeframing up for 6 months, the S&P Futures Sept expiration contract saw a 9.25% correction in June with May and June representing a 2 month balance. July started as an inside month, however, the market has taken out the May highs and resumed the trend up again. Unless we see continuation higher in the coming weeks the market may continue to balance on a monthly basis.
The Daily Bar above shows a breakout above the May highs at 1680 on Friday. That is now Support. Failure to hold above these highs will bring price back into the lower balance between 1660 -1680 and target the lower Gap. Lets look at the Profiles next -
While Friday delivered overlapping to lower Value, the market made new highs. Friday's POC represents an anomaly that did not rise commensurate with price action suggesting that the market may be too long in the short term. Anomalies tend to get revisited in the following session(s). The late day Spike is our best reference for Monday. The base of the Spike around 1686 represents short term support. Acceptance below that level targets Friday's POC at 1682.25. Below that we have the breakout level at 1679-80 area as next support level. Key References that I am carrying forward in case market fails above the 1680 breakout level are the poor low @ 1666.50 and the 2 prominent POCs below that have yet to be revisited.
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