The last trading day of January saw some volatile moves and a relatively heavy close. December's low wasn't broken but still remains a major target for bears to flush.
The weekly chart shows the balance area we are in within a larger balance zone. A break of the December low puts the lows of that range on the radar. There is still a poor high at the all time highs, which odds favour revisiting to finish the upside auction potentially.
The micro composite profile of the range we are currently in shows we are close to the value area low. The VPOC of this range shifted lower on Friday to 1995.25 from 2018.50. If we start to build volume below the VAL I would expect a push to the December low at least, with 1957.00 an HVN on the composite profile below as potential short term support. A move back up through the current mcVPOC should provide bulls with support to test areas above.
Overnight has been balanced and the references from Friday's profile will be useful for short term levels.