The overnight market is well below yesterday's Value Area and below the Value Area of 11/13/08. When the market tests these areas, pay attention to the market response.
Notice how when the market yesterday afternoon around 1544 ET finally broke past the bottom of the narrow, consolidated range, the market then corrected back to the moving averages before continuing its downtrend. This is a common pattern. The market either changes trend direction or brakes a narrow range, then corrects back to the moving average before continuing in the direction of the new trend.
PPI at 0830 ET
Treasury Intenational Capital at 0900 ET
Housing Market Index at 1300 ET
Malcolm Gladwell has a new book coming out today called Outliers.
Charles
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