Holding Pattern

Stock index futures were quiet overnight and traded inside of a narrow range without much volume.  As a result the overnight profile shows no definitive value or balance.  As the USA comes online, it appears some selling is working into the marketplace.

The short term auction is balanced.  The balance spans back to Tuesday afternoon when a strong upward move came into overhead supply and two-way auction ensued.  This was very interesting because my expectation was for overhead supply to be of a greater force and cause a more sudden rejection, especially with sellers at the time controlling the intermediate term.  Perhaps the market place is waiting to hear the jobs report on Friday.  Regardless, it appear the market is pausing until more information is presented.  I have highlighted the short term balance on the following market profile chart:

The intermediate term auction is balanced.  Price is pressed up into a glut of supply dating back to mid-February and it is slowing upward price movement.  The EMAs I keep on the intermediate term timeframe crossed back upward and now my expectation is to get back into the prices in and around these EMAs and see how the market behaves.  I have highlighted some key price levels on the following intermediate term volume composite:

The long term auction remains buyer controlled.  Buyers are currently tasked with setting a new swing high.  On the contrary, sellers want to roll this market over and put a lower high in place.  A turn lower could be the catalyst to displace the long standing buyer control on the long term.