Monday Review


Screenshot 2017-02-28 09.46.13.png

The bullish bias continued yesterday with the market opening above the prior day's value area, briefly testing lower and then making a move for the overnight high. There wasn't sufficient strength to continue the move, but it held up, settling at 2168.25. Volume was low at 1.1m contracts.

The daily RTH chart below has the monthly volume profiles which shows the current balance area between the 2350-70 area, with a VPOC at 2360.50. This is a pivotal level and for the short term bullish bias to continue in alignment with the longer term, I want to see the market holding above there.