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Re: Pre-Market Discussion for Thursday June 7, 2007
Also something to consider...the past 2 days price hasn't even been able to retrace more than 50% of it's daily range in the latter half of the session. Both retraced just to 50% and then fell. The YM (market I trade) is trading below a very pivotal area right now. 13450 had formed a V pivot on a 65minute chart, and its like to blow right through that since it didn't form much balance last time price visited here. After that, we've got the 400 area to give us some support. I agree...with the b shaped profile the selling had stopped, and could look for some consolidation before heading lower. I don't think there's much evidence just yet of larger time frame participants getting heavy into the market.
I could be totally wrong, too...
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