Composite: We extended back into the upper part of the range and closed above 1287.50 CHVN, this may fuel the rally further. Approximately 50% of Dow companies will report earnings by the end of this week. If earnings continue to come in better then expected or in line, this will also be bull fuel.
15min: Key zones marked. Yesterday we had a gap up into an ORR. Then we went down and almost filled the naked close ( 1275.75 )/NVPOC ( 1275). We may go down and close the gap before resuming the up trend.
5min: Key HVN/LVN's marked.
Globex: Overnight session was in a down trend with a double distribution profile. 1285-86 area is the center of the distribution and could act as potential resistance. High volume distributions are at 1288 and 1284. Plan/Hypothesis: If the market opens below yesterday's range, I will look for it to fill the naked close and naked VPOC from Thursday. If it opens within the range, I will look to sell center of the overnight distribution, or one of the high volume distributions. Market opening above range unlikely.
Quote of the day: "In order to get something you have to be willing to give something up"
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