Monday, Monday

Good morning traders.  The Super Bowl is complete and futures are off eight handles from their globex highs.  Early selling has the S&P back to the important 1500 level. How we treat this zone continues to be paramount as can be seen by the number of sharp rejections (read: quick moves away from) this price level:

I’ve marked up the profile showing the poorly auctioned zone from 1500.25-1497.75. There have been many rejections in-and-around the 1500 century mark. I’ve also noted in green areas where I will look for signs of buying activity. The first zone represents 2/3 of the January 31 value area with the top range being a gap fill. Revisiting this level cleans up both a monthly and daily gap on the charts. It’s very constructive action.

Below there we still have a naked VPOC from 01/24. Should the buyers not present themselves at those levels I would consider the action a strong shift in sentiment.