Yesterday was quite a rollercoaster ride with over 50 points of range on the day. Volume on the NYSE composite was 4.1bn shares, nothing exceptional given the range on the day. The overnight market had been strong and driven rapid short covering. There was an open drive at the bell and the high was put in early. There then ensued a rapid liquidation of weak longs on news that the world bank had cut global growth forecasts. Copper was the worst hit of the commodities and bonds rallied giving yet more record low yields.
The afternoon pullback high at 2022.75 is a bull/bear level to watch.
Overnight has pressed lower, just short of the naked POC/VPOC from the 6th Jan. Volatility is high and liquidity thin.
The daily ETH chart shows the coiling pattern going on in the index. If we are in a simple A-B-C corrective move, this would target 1957 which is also the highest volume node on the composite profile.