Sunday, February 8, 2015

S&P Futures Update for Feb 9, 2014

The market remains in Balance in the Weekly and Monthly timeframe. Friday saw the market look above the Jan high and sell off on Greece concerns. The daily bar however shows a market breaking above a 3-day balance and 1-timeframing higher. Staying above the 3 day balance highs at 2019-20 is short-term positive and keeps the breakout intact and increases the odds of another run at the leg highs at 2088.75. Acceptance back within the 3-day balance is short-term negative and could result in a larger sell-off.

 

Lets look at the Profiles next for more clues. Friday's profile looks fairly stretched out with a lot of anomalies. Anomalies represent forcing action and are often revisited. Value remained higher all day; the POC did not migrate lower as the market liquidated on Greece downgrade news; and we settled near the middle of the range - this is all information that needs to be carried forward. We also have a prominent POC at 2039.25 from 2/4/15. Last week's POC (weekly) is at 2040.50. Acceptance below the 2039-2040 level targets the 3 day balance high at 2020.50 area and the range Gap fill at 2018.50. Staying above the 2039-40 level puts us back within Friday's range and increase the odds of price discovery all the way upto Friday's high. My Bias coming into Monday remains neutral unless we see some major change in the Globex session.

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