All Trends are UP. The weekly bar below shows a breakout from a 13 week balance. The 1900 area is now intermediate term support.
The daily bar shows the market accelerating up after a successful breakout. It came into a 3-day balance prior to the ECB rate cut announcement and Jobs number and then broke out again - continuing up and closing near the highs on Friday. 1923-24 area now becomes short term support.
The profiles below show a Spike from Friday and a very prominent POC. For Monday, my focus will be on both these data points. Acceptance within/above the Spike continues the auction higher. A rejection of Spike is negative and targets the POC from Friday. Below that is the 1 point range GAP - a form of excess; and Thursday's POC. And below that is the poor structure i.e. multiple distributions left on Thursday. Markets seldom go from Bull to Bear or Bear to Bull. They usually come into balance before resuming the original trend or reversing. Take it one reference at a time.
The daily bar shows the market accelerating up after a successful breakout. It came into a 3-day balance prior to the ECB rate cut announcement and Jobs number and then broke out again - continuing up and closing near the highs on Friday. 1923-24 area now becomes short term support.
The profiles below show a Spike from Friday and a very prominent POC. For Monday, my focus will be on both these data points. Acceptance within/above the Spike continues the auction higher. A rejection of Spike is negative and targets the POC from Friday. Below that is the 1 point range GAP - a form of excess; and Thursday's POC. And below that is the poor structure i.e. multiple distributions left on Thursday. Markets seldom go from Bull to Bear or Bear to Bull. They usually come into balance before resuming the original trend or reversing. Take it one reference at a time.
