Run up into GDP numbers but market drops 5.5 pts to ONPOC – autorally to area where selling shut buyers off 1403 – as noted.
The upmove yesterday finished at the area where RTH opened after the NFP on 04/04. I have marked this with a gray box. This area is very thin and on good news could move up easily (only singles there as they say).
Note the selling which took place at 1403-1410 in the past.
Then University of Michigan report which is a phone survey to 500 housewives and market sells off and then sells heavily on open. (Not really the reason IMO – these areas are too strong for the volume outside of RTH to break through).
After the open people (algos) start to sell the GDP number
1. Bounce at YdayVPOC – 1369.25 – major selling at YdayHi 1398.
2. Continuation to 1392.5/1392.75 NVPOC HVN area.
1392.25-1392.75 noted yesterday as overnight high, HVN, NVPOC 04/04 & 04/05