All Trends are still UP. Thanksgiving week posted another record high on the S&P's. The weekly chart below shows potential for an excess high. I am in no way trying to call a market top, however, the underlying structure below these levels is very poor. If there is any pullback or correction, the first sign of change will be price acceptance back below the 1798 level which is also last week's low. The next reference below 1798 is the prior balance high of 1774.50.
The profiles below show the market settling back within a prior 4 day balance. Friday's Value was clearly higher and the POC did not migrate lower in the abbreviated trading session. However, both Wed and Fri's low are poor. Back to back poor lows decrease the odds of immediate upside continuation. For Monday, I will be observing whether we open in or out of balance with respect to the 4 day balance. Balance trading rules apply. Acceptance back below the 1798 level targets 1792 - the upper distribution low from 11/21. If that level is taken out, odds are we may see further downside acceleration.
The profiles below show the market settling back within a prior 4 day balance. Friday's Value was clearly higher and the POC did not migrate lower in the abbreviated trading session. However, both Wed and Fri's low are poor. Back to back poor lows decrease the odds of immediate upside continuation. For Monday, I will be observing whether we open in or out of balance with respect to the 4 day balance. Balance trading rules apply. Acceptance back below the 1798 level targets 1792 - the upper distribution low from 11/21. If that level is taken out, odds are we may see further downside acceleration.
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