E-mini S&P 500 and market comentary.

This market can not go down untill all the bears are long !!

Ok lets get down to buisness.

2 charts ; one a conventioal bar chart 30 minutes , showing the bars that produce above average volume ( highlighted in red and magenta).We had quite a high volume push into the breakout higher last session.With alot of people calling a market top last week you could imagine some of this volume was those with short positions covering.
The bulk of the volume in this distrubition is contained between 1318.50 down to 1314.25 this in statistical terms is the first standard deviation of the bell curve.
To trade the curve you can fade the price movement outside the high volume area
( 1st standard dev)in an auction system , like any real estate auction most people will participate at where there is a perception of value, and in that situation buyers will drop off as the price moves futher away from value.
Whilst this market has witheld the bullish back ground it is no surprise that recient anouncements have maintained this bullish stance and as a result the perception of value is now higher.Buyers buy when they assume that at some point in the future they will sell at an even higher price and make profit.
Chart 2 is a profile chart , where the 30 minute bars have been converted to small squares and time has been compressed.It is set to show the daily distrubitions.Support 1310.25 was tested many times but failed on each occassion to break.Some will rush to say this is a false break ..but how can they know that before it is confirmed, all the evedience suggests here that the most likely outcome from this distribution is higher prices , exactly what has happened.They will say things like the volume was low ..thats rubbish ,the volume wasent low its right there in red, the daily volume may be low compared to a high voulme month like last october or so ..but for this distrubiton ..in the NOW the volume was high.On the previous day the higher volume bars pushed the market higher from the bottom of this distrubition.it drifted back down during the night session on low volume only to find support and once again presenting value to buyers.Some people make predictions about the market without acutually taking time to look at what has happened , there to intrested in the last session bar , it's the background that drives price.
Our support now is from 1322 down to 1319
To get the detail click on the charts to make them bigger on your screen.



The pump price of petrol in the USA is at an all time high !...70c a ltr !!!