For the newer readers, this chart is a Volume Distribution chart, which is TradeStation's version of a Market Profile chart. What I pay attention to on this chart is the previous day's high volume price area called the Point of Control. This is the area that the market often treats as support or resistance.
This afternoon, yesterday's Point of Control was resistance, and the market kept bouncing off of it to the downside. The market didn't go very far, but there was too little buying power to trade through that resistance.
Today was a below average range day, but again not the smallest range of the last 4 or 7 days. Not a Tony Crabel NR4 or NR7 day.
All afternoon the $TICK was positive, but yesterday's Point of Control was too strong of a resistance. So the market stayed in a very narrow range all afternoon. In the last half hour, the market was trying to trend up, but again did not go through the Point of Control.
Charles
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