Buyers are letting it be known they mean business between the range of 1672.75 – 1671.75 which is the price zone right above Monday’s long liquidation. There is a perception that the market is a bargain at this price and below until there isn’t.
It’s my cue for today and if the auction remains tight, it’s my cue the remainder of the week.
Up above the bulls must contend with 1678.25, this price represents the peaks of the shoulders on the intraday head and shoulder pattern yesterday, just below the aggressive seller’s reaction at the all-time highs. Any acceptance of price above this level will preclude a move higher.
The 24-hour profile has been building up since early Tuesday morning as price remains high and tight. It does give us a clue, a cave in pricing that we may back-and-fill prior to launch. Trade into the cave should be monitored for either a sharp knife though or a firm buyer rejection. This range is from 1676 – 1673.50.
I’ve highlighted all of these dynamic characteristics in the following profile charts:
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