The market managed to close above its Point of Control which is 1103.50 - 1103.75. We also have a strong volume area between 1100 and 1104.
The points where you can have the highest profit potential is on test of recognized support and resistance levels. The support level today was yesterday's Point of Control, and the resistance level was bottom of the equilibrium zone between 1105 and 1111. The market corrected after testing that 1105 level. When 1105 was tested, the NYSE Advance - Decline Line did not make a higher high. However, the A - D Line doesn't always lead the futures market. After 1430 ET, the A - D Line made a lower low, but the futures made a higher low. The market then traded up from that point.
Charles
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