The dip below the morning's low with the V reversal was interesting. The 1091 area is the top of a volume area created on 12/9 and 12/10. I guess somebody thought that that was a good place to initiate a buy program. The market bounced off that price again after the 1600 ET close to bring the market back to today's Point of Control. The 1091 area will probably be tested again.
Charles
HI Charles,
ReplyDeleteThanks for the posts.
How much weight to do place on the overnight highs/lows?
I never used to pay them much attention, but it seems lately they have become more important.
Thanks,
John Blythe
Hi John,
ReplyDeleteYour right. Lately, I have been putting a lot of weight on the overnight highs and lows simply because the market seems to put a lot of weight on these pivot points.
The high volume areas on the Volume Distribution (Market Profile) charts are also key areas to watch.
Charles