S&P Futures Update for April 5, 2013

The larger picture remains the same - the S&P's are 1-timeframing up on both a weekly and monthly basis. The first sign of change will be when we take out last week's low at 1539.



The daily bar shows that price has re-entered a prior balance 1558.75 - 1531.75. Further acceptance within this balance area targets the Balance low at 1529.50 - 1531.75.  This would also stop the 1-timeframing to the upside on a weekly basis. Thursday was an inside day - another form of Balance as the market awaits the Jobs/Unemployment number due out tomorrow. The ideal setup would be a breakout from the inside day.



Looking at the profiles above shows the following:
- Value was unchanged for Thursday. 
- A prominent POC. Any opening away from the POC has good odds of being drawn to it.
- However a directional auction that starts at the POC has good odds of continuation in the direction of the breakout
- Taking out the 1560 area above targets the leg highs at 1568
- Taking out Wed's low targets the next weekly low at 1539.

S&P Futures Update for March 6, 2013

All auctions remain UP.  The pullback low at 1536.25 is an important short-term reference for Wednesday morning -  

1. Remaining above 1536.25 keeps the auction to the upside intact 

2. Finding acceptance below 1536.25 increases the odds of trading into the Gap

3. If the Gap is filled - the base of Monday’s spike is the next downside objective.

S&P Futures Update for Feb 21, 2013

What we saw post the FOMC minutes was pure liquidation. What is significant is that we have stopped 1-timeframing Up on a Weekly basis. This could morph into an intermediate term trend. However, keep in mind that the Rally High of 1530 made in the Globex session was not visited prior to the sell off. It would be unusual for a lasting high to be made in the Globex session.



Looking at the Daily RTH bar chart above - it shows that price has entered a lower 10 day Balance. Building lower Value and price acceptance within this Balance targets the 1500 level and below that the 1490 area. The profile below shows elongation and multiple distributions. However, the POC did not migrate lower with price. The Spike is our best reference for tomorrow.

1. Opening within the spike shows price acceptance and keeps the break intact;
2. Opening and trading below the spike reveals that price has not auctioned (probed) low enough to cut off the selling allowing for two-sided trade. The auction is not over.
3. The top of the spike is “resistance".