Here is the profile chart as of 1.00 pm today.
The region between 5880 and 5940 as well as the probe to 5971 marked a bracket of last week. On friday the responsive seller completely rejected this value and we saw a move lower to the balanced profile and the region of 5860 as expected.
This morning we are seeing a continuation of Friday’s auction with price probing to a new level of 5801 currently.
The possible targets are the single prints from 30/ 3 or the POC from 29/ 3 near 5970 levels.
It will be important to see buyer behavior at these levels. A further down move can bring 5730 which will mark the end of the up auction and one time frame behavior seen from 5300 levels. Also I have marked a dividing line between 5855-5865 for new shorts entered today. However a push to new highs for the swing trader will begin only above the top bracket or above 5911 levels.This can take the market back up to 6031 levels and beyond.
