The monthly and weekly trend is up, however the S&P's have stopped 1-timeframing up on a daily basis. Friday's Close of 1754.75 was a tick above the lower balance 1734.50 - 1754.50 indicating rejection from that area, but it is too close to call. Acceptance below Friday's settle targets the Balance Low at 1734.50. However, keep in mind that the leg high of 1773.25 was made in the overnight session - which is suspect as lasting highs are usually made in regular trading hours.The sell-off both Thursday and Friday appeared to be short-term liquidation as opposed to new money selling. Traders continue to buy the market on every break.
Lets look at the profiles next. I am treating Friday as a double distribution day. Opening within the the lower distribution and Value developing below 1752, targets Friday's low and the naked POC at 1745.25, and keeps the 1-timeframing mode to the downside. Overlapping to higher Value relative to Friday, targets the poor high from last Thursday, and above that the rally high of 1773.25 made in the overnight session. My view is that the 1752 area is potentially a go/no-go level.
Lets look at the profiles next. I am treating Friday as a double distribution day. Opening within the the lower distribution and Value developing below 1752, targets Friday's low and the naked POC at 1745.25, and keeps the 1-timeframing mode to the downside. Overlapping to higher Value relative to Friday, targets the poor high from last Thursday, and above that the rally high of 1773.25 made in the overnight session. My view is that the 1752 area is potentially a go/no-go level.
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