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Soultrader

August 21st, 2006 Market Balance

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We had a balanced market the entire trading session. We traded in a rotation from the value high pivot to the value low pivot and back. Anytime the markets open in value, the VAH and VAL act as key resistance and support. Notice the unfilled gap we have left today. That level at 11415 will act as a key resistance for tomorrow.

 

The markets did rally into the close breaking above the value high pivot. However, I do not place significant importance because this occured in the last few minutes of trade. Although the markets did not break below value and remained balanced, the value area is lower compared to Friday. This can mean two things: either price wants to consolidate in this area or we are seeing a gradual market weakness. Becareful for any longs. We willl need to see Fridays high taken out before any significant rally.

 

0821balanced.jpg

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