05/01 range bound back and fill

The 1392 level I talked about yesterday is proving fairly resilient. To be fair the market is quiet with the May day holiday but it is doing a back and fill of a pocket left behind on the US housing news last week. On the upper level the gray area on the chart is a similar pocket from the sell off after NFP on the Easter Friday 04/04

This chart has some more explanation on what I see is going on at the upper level.


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s