Two major pivots for the afternoon were the previous day's low at 1167.25 (also the morning low at 1164.25), and the 0930 ET open at 1192.75. A test of the morning's low attracted more buyers than sellers, which then gave us a bounce back to the 0930 ET open. Evidence of this was the higher $TICK lows relative to the morning lows, and the higher $TICK Pivot MA (blue line).
The 0930 ET open then proved to be a point where more sellers were attracted to the market than buyers; hence, a move back to the day's lows.
Trading opportunities usually center around these key pivot points. Watch the market's reaction to these points.
Well, here we go again. Another greater than -50 day. This typically attracts short term buyers.
Charles
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