(Note: The white lines on the globex charts are reference levels from the overnight session.)Recap: Yesterday we gapped down to almost close the gap from Monday at 1308.25, two ticks away. We then proceeded to fill the gap all the way up to the naked close at 1319 then retraced to the 1315 area and bounced, retested the VPOC at 1316 and then proceeded up and closed near the 1318.25 CHVN.
Plan/Hypothesis: Expecting OAIR. If we open below yesterday's VPOC at 1316 (which is the VPOC for the current mini composite also), I will look for that to close first, then potentially up to the close at 1318.25. The bias overnight seemed to be to the bearish side, but we have regained some ground. My overall stance for the day is to sell rallies or areas mentioned above. We had a 'P' shaped profile which is indicative of short covering. I will be on the lookout for a break back into the old balance area, possibly down to the 1303.75 CHVN. Above that is 1308.50 CLVN as well as 1313.50 CLVN.
Quote Of The Day: "You can manage risk but not return."~ Peter Bernstein
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