We did get to the globex high but we had price rejection today from the distribution above it. Couple of scale out opportunities and couple of adds. With a 10 point run to the high. I'd expect the market to attempt to rotate to the upper distribution of this double distribution formation. We might get a hook low tommorow before an attempt. Caution is the word. Very nice balance today. We did not see any major short covering either and it lends to the fact that a lot of the down move has beed aided significantly by intermediate/longer term long liquidation rather than all new shorts below the 47s. Will look at the COTs report to confirm that. If we rotate above to the upper POC we should see some swift covering. Theres unemployment news to watch @ 5:30 EST and financials as well as housing sectors are worth keeping in peripheral view.
Heres the daily and weekly distribution as well as monthly.