Today's Point of Control is 1095, which the market closed above. A larger volume support area spans from 1092.75 to 1096.
As the Futures was continuously trying to make lower lows, the NYSE Advance - Decline Line was staying above its morning low. Also the $TICK 50-period moving average on the 1-minute chart was hovering near zero. This indicated buying activity. The "b" formation of the Market Profile Chart confirms that activity.
Charles
Was surprised w/ 2 $ticks near +1.2k closer to the session finish. Even more, w/ such sharp morning selloff for the whole day we had only 1 $tick below -1k. Seems like small cap traders overreacted on bearish data, while institution started to buy the dips within 2 last hours.
ReplyDeleteI thought the same thing. Panicking retail traders were feeding large institutional traders with bargains.
ReplyDeleteCharles