After the market found support in the 1027 area, it started to treat the 0930 ET Open, VWAP Line and the Overnight High Price as support until it met resistance at Yesterday's High. On its way up, the market advanced to the next level after the second test of support, and after the $TICK hit the -1.5 Standard Deviation Line. It is also not uncommon for the market to move somewhere between 1215 and 1245 ET following the lunch time snooze. Not sure why, but it does.
The afternoon down trend was quicker than the morning uptrend, which is typical. After hitting support again, the market met resistance each time the $TICK came near 800. After the bond market close, sellers jumped in as the market tested the VWAP Line.
The $TICK moving averages made a lower high. No change in negative momentum yet.
We now have two days of small ranges. We are do for a range above average.
Today was a balanced day with a slight bias to the bottom of the range. The market is sitting just below the 1027 level, but above Friday's Point of Control. Watch for a break of today's range.
Charles
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