[Soultrader]

Today we had a monster trend day with a %TREND at a whopping 79.31%. Breaking above the 12100 with ease, we saw significant volume on the daily chart.

If you watched the tape throughout the morning session, there was heavy buying pressure and no sellers at all. On a market profile chart we have a nice "P" structure with higher value placement.

Also considered to be a short covering, a "P" formation is something to watch out for. However, by looking at market conditions and the fact that we are in an uptrend indicates new market participants instead of old business.

My bias is still to the long side. The breakout point at 12100 will act as key support. Several other levels include:

12100, 12120 - 12130, 12170, 12200, 12250