I am not posting a comprehensive blog entry this weekend because of other commitments. For Monday my observations regarding market structure are as follows:
- All references below refer to the March contract.
- Thursday and Friday was a tight 2 day balance with back to back poor lows on both days. As I write this blog, the overnight trade has taken out these lows and we are now trading in the lower balance area as referenced numerous times in my blog posts last week. Our next major reference for tomorrow to the downside is the 1748-1750 area. I will be watching the single prints at 1744.25 as well for a possible bounce.
- Both Thursday's and Friday's POC is very prominent. Carry that information forward.
- Treat tomorrow's trade as a breakout from balance. Acceptance back within the lower balance targets the low of the balance at 1728-30 area.
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