E- minis opened slightly better this morning, just above the VWAP and within yesterday's value area, with the low of the opening range, testing and holding the 200MA. The market then rallied 14 points to 1098.50 forming a double top against yesterday's high. The last 2 hours of the day the market traded lower finishing even on the day, and right back at the 200 MA shortly after the close of pit trading. Interesting to note, the bonds also sold off in the afternoon, and gold closed higher.
The range trade continued as the e-minis appeared to be headed for a double distribution trend day up, only to fail just above the high of yesterday's value, and almost close lower on the day. While that kind of action is not constructive, all price probes lower have been met with buying, as of late. In my opinion, the market is still very much on the defensive, although the bears show no clear control.
For now, trading from a responsive versus initiative mind frame is advised, until either the bulls or bears gain control.
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| VWAP | 1090.5 |
| OVERNIGHT RANGE | 1084.50 - 1093 |
| PREVIOUS DAY'S RANGE | 1083.25 -1098.75 |
| VALUE | 1085 -1095 |
| DEVELOPING VALUE | 1087.25 -1088.50 |
| 200 MA 15M | 1086.25 |
| PIVOTS | 1087.5 Pivot |
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For now, trading from a responsive versus initiative mind frame is advised, until either the bulls or bears gain control.
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