[Dogpile]

We enter Monday in an interesting position.

Fridays gap down at the open appeared to begin a new 'down auction' following the multi-day, low-volume 'up auction that completed on Thursday. When a new auction begins, we look for signs of continuation to confirm this (volume and profile shape).

Effectively, the break away from 1498.00 did carry nicely but the entire move happened overnight. The market then rejected this downside move by forming an 'excess low' this morning. Thus, we began an 'intraday up auction' (morning low to afternoon high). However, this up auction was weak as volume was very poor and the profile shape shows that new buying and short-covering was being offset by patient-sellers.

The true profile structure is probably best seen in combining the last 2 days (Thursday & Friday). If you combine both days into one volume distribution, it looks like a very 'normal distribution' -- with a selling tail above and a buying tail below.

A Break from a 'normal' distribution is generally a 'go-with' -- so will have to be flexible for Monday.

The market has been creeping higher on low volume. Generally this type of behavior ends in a buying climax as late-to-the-party investors finally give up and enter at bad prices. If this were to happen, this would then set the market up for a good flush the other way. But that is looking multiple days out.

For now, I have no real bias for Monday and will likely be a patient trader until something more interesting sets-up.

Attached is the profile shape for Friday -- I will work on something more interesting on Sunday. Hopefully, some others can join in and we can collaborate on some analysis and potential strategy for a week that will include;

brokerage earnings reports
a fed rate cut
options expiration

this should make for a crazy week...