[TinGull]

Today's action was kind of slow, then mediocre...then slow....

Looking at the profile and its auction rotations, what can we see? At first glance, we have a "b" shaped profile. Long liquidations you may ask? Well...could be. BUT, notice the A, B and C periods...we drove down sharply from the open, never to return, and churned a bit until the D period came. At that point, the lows of A/B/C were taken out, and even E took out the low of D. This was some new short blood in the market today! Longer time frame investors are driving prices lower.

Also, looking at a daily chart of the YM you can see that yesterdays little pullback was on lighter volume than the two down days surrounding it.

So...Where do we go? Market's will go where they want, but knowing the other time frame investor is not seeing the value in the market at the highs it's been at, we can start to think we may be in for some more selling next week.

Happy trading!