The 78-Period Pivot dipped below the 78-Period VWAP for the first time today around 1415 ET. The pivot acted as support until the bond market closed, and then became resistance.
Looking at the 30-minute intervals on a 1-minute chart, we see that the market gives its best indication of the direction in the next 30-minutes when it corrects less than 1.25 points past the previous 30-minute close.
Charles
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