Market Profile for March 6, 2007

[Soultrader]

What is your take on todays action? What Im still seeing is lower value placement but is today the first warning signal? We have a overlapping to higher value placement... the first since the major decline. (see attachment)

My analysis tells me that short covering is not close to being done. I believe traders are still short and commercials are holding on to their shorts. I personally am bearish and sensing a whole new market cycle to the downside.

A couple questions.... today's YM rally, does it bother any traders? The daily's show lower volume compared to the previous days. But more than average volume comparing to the previous months.

Are we likely to balance out here? Overlapping value can be a clue to balance and we could experience the usual YM volatility.

[TinGull]

How about today...Opened above value and never went back into it. We did, however, close near the lows, but had a higher value placement without overlapping. What will this mean for tomorrow? Tough to tell. There wasn't any big money playing the game today. Tomorrow's rollover day, and then friday is...friday. So, this week could be done with. Its a tough thing, these markets. Today had me very confused all day. I feel directionless looking at the charts. Can't tell if it wants to go up or down.

Today was very balanced, though. I think that more volume will have to come into the market. Today was just about under the 30MA volume wise. 128k during regular trading hours is where things used to be, and what it used to be was not that fun. haha. Also...on the daily...big doji. Still in a downward channel and I think we'll hang around here. I'd be very surprised if we saw 400 in the near future.