- a little recap for the past week: after we escaped from the congestion zone with R around 1171.00 area, from last week of March, we start the month of April with a slow steady up move. VA continue to build higher, each day any move back into previous day's VA is being rejected and price makes new highs, leaving behind buying tails.
- just a quick observation from yesterday: - open below VA, price came down into the buying tail zone from previous day, buyers stepped in rejected price higher through previous day VA and extended the range to new highs.
- weekly IB for the week starting 05/04 is bullish with a new high @ 1188.00 and a low @ 1174.50, starting point of a pretty long buying tail (3.75 points)- WVA concentrated into a 4.50 points range with WPOC=1182.75 which coincide with S=HVN
- on the upside we have a shy selling tail, just 3 TPO's
- from yesterday profile we have a buying tail, price being rejected right away from 1177.50 area which I see it as a strong S for now (we had a bounce of 6 points on Monday & 10.50 points on Tuesday off that level), showing the presence of some buyers in that zone & below to the next area of S=1175.00-1173.50
- VAL=1181.75 coincide with a level of S from MP and also with a LVN (rejection area)
- initial S=1182.75; S1=1180.00; strong S=1177.50; S3=1175.00 and below strongest S=1169.25
- initial R=1185.50; R1=1188.00 (HOY); R2=1191.50; R3=1197.25
- NPOC=1173.75 from 01/04; NPOC=1166.00 from 31/03; NPOC=1139.25 from 15/03
- econ news: there are no news except for a speech of Bernanke at 1:30 PM
- after I'll analyze the Globex session and readjust my levels, if necessary, I'll work on my trading plan for the first part of the day & I'll focus on patience & confidence in executing my plan.
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