The overnight market made upside progress throughout most of the session only to give up five handles over the last hour. The swoosh lower brings us to an interesting price level, 1606, which coincides with the single prints on yesterday’s profile.
After two days of the market printing neutral sessions, probing the large gap above and finding sellers, and the overall corrective nature of the market, it shouldn’t come as a surprise to see some chop/lower prices. The clear question is whether sellers are again able to dictate lower prices in the effective manner we’ve seen since earlier this month.
I’ve highlighted a few levels of support I’ll be monitoring to gauge any progress made by the sellers and other key levels in the following profile chart:
