As mentioned in a previous Post, the short term support is in the 1320 area, As a matter of fact, the low of the Globex Session last night was 1320.
On the $TICK Moving Average Indicator, I have added a second short term average to help identifiy short term trends in the $TICK. On a 1 minute chart, the long term average is a 25 period EMA, and the shorter term average is a 10 period EMA (purple). As the market traded down to test the nightly lows, buying started showing up as indicated by the uptrending $TICK averages as the futures tested a near term low pivot. The market bounced up following the 1000 ET Economic Report(s) release.
Also at 1030 ET, the market showed signs of correcting to the downside as the $TICK averages trended down as the Futures tested a near term pivot high.
The market stayed within the +1 and -1 Standard Deviations of the two Nearest Daily Range Extreme Averages. However, the $TRIN is showing some signs of increased buying pressure as it slowly trends down.
Charles
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