Review & Plan Feb 29th

Last week continued the short term trend higher. The weekly Globex time and volume profiles above show the range extremes and VPOC values. You can see the current profile on the right starting this week is trading around the time and volume point of control from last week.

The daily Globex chart above shows the customised profile (left) of the range since the August '14 low to date. The market continues to hold above the 1920.00 VPOC and composite high volume node (CHVN). The new monthly high made on Friday fell close to the 61.8% retracement of the major swing shown above. 

We can see on the regular trading hours chart above the open gap and naked VPOCs (purple).

Friday's profile below moved value higher again, though the market failed to hit the overnight high and made it's RTH high near the open and low near the close. Range and volume was below average for the month. February market stats can be seen here.

Going into today, we can see below custom profile of the range formed since the Feb 16th pullback low following the last open gap up. The overnight range is currently 1927.75-1948.00, with 1948.25 being the 50% pullback from Friday's high to the overnight low. Holding above there increases the likelihood of more upside continuation towards the 1980.00-82.25 zone (derived from the fib ext. retracement level and composite low volume node (CLVN) )

Zones I'm using today are below. If we don't see the market hold the 1941.25-42.25 support zone we could see some short term weakness/liquidation going into the end of the month. Holding below the overnight low could see sellers press towards the 1906.75-09.75 zoneand 1898.50-90.50.potentially.

If 41.25-42.25 holds and the overnight high  is broken and held above, then we could see Friday's overnight high targeted and attempted continuation higher towards the 1980.00-82.25 zone. 

The absence of data today may see balanced trade back towards the 1920.00 CHVN.