UPDATE: We had some jawboning jerk the overnight market up, we’re now dealing with a double distribution on the 24 hour profile:
It’s been a quiet morning session, but certainly of a different character than we’ve seen since entering this large balance zone.
Since the neutral day on the 9th, I’ve been watchful for the next move out of balance. This morning’s profile suggests we may see it today.
What I’m referring to it the toothy characteristics of the volume. Recent overnight profiles have been near-perfect bell curves. This morning not so much, instead the profile lacks a clear point of control. Price rejected yesterday’s high overnight at 1633.25 and swiftly rotated lower, with a current low right at the major confluence of VPOCs at 1626.50.
As we progress into the morning USA session, I’m looking for the market to rotate higher off of the major VPOC level and result in another quiet open with little gap to trade. However, if the buyers don’t file in to buoy this index, I suspect we may explore lower.
..great stuff and I learned something new..
“the chart looks a little toothy”
glad to hear it, the profile still looking sloppy, this is when the crazy shit goes down.
sellers need to show up soon or we’ll begin defying gravity