There was a notable shift in the character of the S&P last week as we reached new heights. There was a compression to the daily ranges, a drop off in the volume, a decrease in broad equity participation, and well structured auctions.
Starting yesterday evening with a small burst of strength, the globex session managed to print a six handle range which balanced out and shows a slight edge going to the sellers.
Longs want to see 1686.50 holding as support. Otherwise we may begin retesting the pockets of low volume below in the composite profile built late last week.
Above, we have the current globex high at 1694.25 then the measured move target of 1696. The close proximity of the measured target to the 1700 century mark means we should all have the level on our radar if the market sees early strength.
I’ve highlighted the levels I’ll be watching using the 24 hour profile today, to give visualization to the balanced overnight session.Twitter