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Since the VSA II thread now has over 2,200 posts and 128,000 visits, it seemed time to start VSA III. To get us rolling, here is quick VSA look at how the market unfolded this morning on the 3-minute time frame (S&P e-minis). The market opened higher than yesterday’s close, fell off over the first 15 minutes to A, and then tried to rally. B – the rally to B did not bring out demand, and the bars at B were weak, closing on their lows. C – A very weak bar with an increase in spread and volume to the downside. Supply came into the market here. D – No demand on the first rally after weakness appeared and a good short. E – Volume drops off as the market moves lower into the area of yesterday’s close. F – A bottom reversal on good spread indicating demand. G – the market tests the lows of E/F and is unable to draw supply. As it begins to rally, it tests again at G1. H – An increase in volume with a good close, but the spread narrows – caution for longs. J – Down bar, on wide spread and high volume shows supply has reentered the market. J – No Demand followed by a small hidden upthrust. K – Again we come back into the lows and find no supply and the market rallies. T – Tests occur below the resistance at I indicating a rally and a break of I. L – small bottom reversal/key reversal bar which tests for supply by dipping lower one last time before moving up to close on its high. M – Break through the resistance at I and a rally into the noon hour. Note that the volume falls off as we move into the noon hour and come into the morning supply at A. Hope this is helpful, Eiger
