NF had printed 3IB upmove in last session.It was considered as emotional run due to the structure of large extension singles from good balance and then many extension handles on profile. Buyers had edge at close with dPOC skew at high and auction was considered incomplete.
Expected buyers to get gap/drive. They have gone for drive to get a move above PDH to finish the incomplete auction but could not sustain above PDH then gone for balance in previous day range. Later, failed to sustain above IBH on attempt to move higher and printed neutral day with IBL break and closed with spike down.
Above 17840 probe was for 17870 which could not be completed and returned from 17863. Considered weak below 17780 for 17710 then below 17690 probe was for 17620. First move below 17780 got whipped then second time after IBH failure this has done the probe all the way down till 17620 repairing entire emotional run imbalance zone of previous session.
Points to be noted from today's auction :
NF printed outside day failing to sustain above PDH and gone below PDL.
It was neutral extreme down auction with very good volume.
Repaired entire 3IB imbalance zone of previous session with 5IB down day.Back to back imbalance auction.
All the above info suggests market could go in for solid wild two way balance if no follow through from today's low happens. Auction was again incomplete at low..So,sellers should get early follow through in the session else two way balance to fill last two days imbalance zone roughly 17660-17800 could take place all session.
Failed auction at top.
It was spike down close..Spike rules apply tomorrow. Spike zone 17660-17603.
Acceptance below spike zone = Quite weak ;
Balance in spike zone = Weakness later post balance ;
Acceptance above spike zone = Strength.
17660 resistance for tomorrow session. Check hypos for trades in plan below.
Charts and data :
Detailed plan with references to carry forward, actionable trade hypos for next session, any importance nuance from the day and view based on weekly and monthly time frame are available to members in private blog.Above report is only part of it.
Notes :
a) Check glossary page in website if any of the terms used in the post are not clear.
b) If images are not clear, click on them for enlarged view.
Comments