Monday, March 27, 2017
March Madness Breather 2017
Been spending time with a new chart arrangement to better allow me to follow multiple markets over multiple time frames - It took awhile. One of the nice things is that I can get to almost anywhere I desire in 2-3 clicks with a lot less panning and scrolling.
This week is magazine month but need to get back into the habit of market study.
After the ridiculous rallies, the markets are taking a breather. Serious barnacle island formations are needed as the market profile structure below us are rather "thin"
The three equities have "finally" completed retest of the 50% pullback with the NQ and ES having accomplished this last week - Today, the YM finally touched this support level and 'jumped" back higher into value. This test was aided by the overnight selloff during the globex session which doesn't surprise me.
Oil is finding support around $47/barrel, a long time frame Low Volume Area, having tested the level about three times
Gold is at a key level, $1260 resistance, another longer time frame low volume area.
We are at key make or break levels where the market either consolidates building support on fragile space, else we stand a chance for price drives to new locations for auctioning.
Continue day trading accordingly.