All Trends are UP. We are 1-timeframing UP on a daily, weekly and monthly basis. The S&P made record highs on Friday and took out the earlier leg high at 1726.75 (made in the globex session). This level should offer support on any pullback. The 1700 level is the Balance high below and is a psychological level and will continue to act as an anchor.
Lets go directly to the Profiles next. I am treating Friday as a double distribution day and will observe whether we open in or out of balance relative to the upper distribution. The pullback low at 1736.25 separates the two distributions and should act as support the first time down. Any acceptance below this level targets Friday's poor low and below that the range Gap at 1728.50. Some information to carry forward -Thursday's profile was very stretched out with multiple distributions. There is also a prominent POC at 1700.25 that has not been tagged. I am not in any way implying that we will see a pullback on Monday, however given the poor structure below the odds are that we do see some kind of pullback during the week to repair the structure.
Lets go directly to the Profiles next. I am treating Friday as a double distribution day and will observe whether we open in or out of balance relative to the upper distribution. The pullback low at 1736.25 separates the two distributions and should act as support the first time down. Any acceptance below this level targets Friday's poor low and below that the range Gap at 1728.50. Some information to carry forward -Thursday's profile was very stretched out with multiple distributions. There is also a prominent POC at 1700.25 that has not been tagged. I am not in any way implying that we will see a pullback on Monday, however given the poor structure below the odds are that we do see some kind of pullback during the week to repair the structure.
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