Very interesting day. This is the 7th consecutive day to close above or within value. Today we tested both extremes. Sellers entered the markets above value high to push price below value. Other time frame buyers stepped in and pushed prices back into value.
Market excess was created by single prints in the 11320 - 11325 area. This will act as key support. The close was identical to the open, indicating a complete balance in the markets.
Note: the sell-off occured when the third peak failed to reach the peak before. Notice the head-n-shoulders pattern that developed with the neckline in line with the value high pivot. This was a important clue of market weakness.
08-22-2006, 05:04 PM
Linear Mode
