Review - Tuesday


The move lower yesterday did not have accompanying high volume on the NYSE, which was just 3.38bn. However, in light of the upcoming FOMC and Brexit risk events it would be understandable that some institutional participation is on the sidelines.

The 30 min day session chart below with composite volume profile (1500 days) shows the open gaps below (and above), along with naked VPOCs as extended purple lines. 

Holding below the intermediate bull/bear zone at 2069.50-71.50 increases the chance of heading to the composite VPOC at 2042.00.