Review of yesterday and areas to watch today.
I found it strange that it blew through the 1392.25-1392.75 area but such was the reaction to the news that the American housing market was growing again – I noted that level yesterday and I place particular emphasis on NVPOCS when together with HVN’s. I will look at that for support today also.
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.
After the Spanish downgrade yesterday the market pulled back and filled the thin area from yesterdays profile and found support at the 1388.5 VPOC and HVN area.
1408/1410 – heavy selling area
1403.25 NVPOC and HVN
1397.5-1399 Yesterday High / Overnight High
Current area 1396 near 1395.5 VPOC 03/28, and 1396 HVN.
1392.25-1392.75 noted yesterday as overnight high, HVN, NVPOC 04/04 & 04/05 (not 04/09 as I had said) – need to see if this becomes as support.
1388.5-1389.5 – There is a lot going on here. It is a HVN. It is also the thin part from yesterday above 1389.5 and it got filled out in overnight with ONPOC at 1391
… on really bad news
1381.5/1382.75 – VPOC 04/25, 04/20
It is now challenging yesterdays highs again.
24 Hour Chart: