Once again, the ES market found support neat the 1340 area. The market tested the upper end of the Value Areas formed from 02/07/08 to 02/11/08, and bounced to the upside.
The Statistical Near Extreme Average Range is relative to the 0930 ET open. Currently, it is the open + / - 6.25 ES Points. The yellow lines are the averages plus and minus 1 Standard Deviation.
Even though the $TICK remained relatively negative all morning, the bears could not trade the market below the Support Zone.
The ES market did not trade below the - 1 Standard Deviation line, and continuously tested the upper near extreme average. Point of Control was formed at 1342. After forming a series of higher lows, the market broke to the upside.
Another market tell was the fact that the NYSE Advancing Issues - Declining Issues was making higher highs and lows all morning.
Now the markets waits for the FOMC Meeting Minutes at 1400 ET.
Charles
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