March ended as an inside month. Monday’s selloff was on relatively light NYSE market volume of 3.43 billion shares
Price mechanically traded 6 points higher at the open to just above the prior close before selling off, one timeframing lower for the first six half hour periods, breaking out below the March low at 2586.00 in the fifth period.
The market rallied off the 2552.00 session low to 2585.00 in ‘M’ period, but could not trade back into the March range. Continued acceptance below that level (and the March low at 2686.00) could target the February low at 1535.25. Monday’s point of control at 2574.25 could draw price back to it on Tuesday, and could act as either early support or resistance.
Aceptance back above the 2586.00 level could target at least some of the multiple anomalies from Monday’s stretched out profile and numerous single prints.
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