S&P Futures Update for Nov 10, 2014

All trends are UP - daily, weekly and monthly. The daily chart below shows the market breaking out from a 4 day balance on Thursday, Nov 6. On Friday, Nov 7, the market came into balance after testing the breakout level at 2020.50 early in the session. We now have another leg hi made in the Globex session at 2033.50 - remember, lasting highs are very rarely made in the overnight session. Staying above 2020.50 keeps the market 1-timeframing UP and odds are we make new highs. Acceptance (settling within) back into the 4-day balance is negative and targets the Balance Low at 1995.25 and the range gap at 1994.25. The highlighted range gaps and 3 balance is information that needs to be carried forward in the event of a liquidation break.



Looking at the profiles below, we have higher Value and a prominent POC from Friday.  Since the rally began at 1813, the market has left 5 naked POCs below Friday's close - information that needs to be carried forward. Coming into Monday, my focus will be on developing Value and the 2018-2020 level. Staying above this area is positive and keeps the breakout intact. Acceptance below this level is negative and in the event we gap lower at the open i.e. below Friday's low and the gap holds - that would indicate a short term excess high at 2030.75. Remember a An Excess High followed by a Gap is the most potent combination for reversal - when observing a multiple day auction.