Wednesday, August 20, 2008

First here's the morning buy response in two waves.

And the 3 day profile. The 3 day profile is a good tool for the day trader. Since the Market spends 70% of the time in balance, it gives a good picture of short/intermediate term value. I mentioned in a previous post 3days ago ( @ the upper balance) that the market was exibiting increased TPO count below 1298 area and it was likely to balance downwards in the short term, althouth the longer term profile (30day) was in the opposite direction. We now have a b pattern indicative of some price absorbtion and skewed TPO count of 268/137 above POC indicating a possible rotation up within the balance.

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