Can we push through the 3306-3310 level. If we cant, I'm looking at 3270s for a scalp able intra-day bounce. If we do, maybe we can buy some dips and ride the momentum up to 3331. This is an important moment for the market because if we break through we may find the money to move higher. If we don't push through and close above I can see this failure being exploited for momentum to the downside. There is a NPOC at 3252 which could be a target for sellers. And I don't think the 3220s can handle another hit. That spot has been hit multiple times. This could create another make or break spot down in the 3220 area. So up above we are waiting to break through and close above 3310 and down below the target is 3220 to test that New Money Zone from 8JAN20 to see if buyers are there. If we have a bounce to the upside in between these areas, that could be good news for the upside. The momentum will help overwhelm the sell orders above.
_ 3310.25 is 24JAN20 Over Night halfback
_ since 24JAN20 we have a decline in 124,000 Cumulative Delta. From 155,000 to 31,300 on 03FEB20
_ From 16JAN20 to 24JAN20 there was an increase in Cumulative Delta from 142,000 to 155,000. That's only 13,000
_ 24JAN20 was the major sell off along with 27JAN20
_ From 03JAN20 to 16JAN20 Cumulative Delta increased by 82000 From 56,300 to 138000
_ 31JAN20 was the highest volume in January and erased all the gains made in January
From this information I am seeing Cumulative Delta increasing at a much bigger rate in the beginning of January compared to the end of January. But the biggest volume has been towards the end. So Volume is increasing and Cumulative Delta is decreasing in growth. That means that the aggressive buying is being fulfilled to the point of equilibrium. Also note that 31JAN20 was the highest volume of January. It caused price to end up back where it started that month. The fact that we hit all time highs 3337.50 in January on 22JAN20 but Cumulative Delta was negative for that month is pretty interesting. We are going to need more money to keep moving higher.
_ 3310.25 is 24JAN20 Over Night halfback
_ since 24JAN20 we have a decline in 124,000 Cumulative Delta. From 155,000 to 31,300 on 03FEB20
_ From 16JAN20 to 24JAN20 there was an increase in Cumulative Delta from 142,000 to 155,000. That's only 13,000
_ 24JAN20 was the major sell off along with 27JAN20
_ From 03JAN20 to 16JAN20 Cumulative Delta increased by 82000 From 56,300 to 138000
_ 31JAN20 was the highest volume in January and erased all the gains made in January
From this information I am seeing Cumulative Delta increasing at a much bigger rate in the beginning of January compared to the end of January. But the biggest volume has been towards the end. So Volume is increasing and Cumulative Delta is decreasing in growth. That means that the aggressive buying is being fulfilled to the point of equilibrium. Also note that 31JAN20 was the highest volume of January. It caused price to end up back where it started that month. The fact that we hit all time highs 3337.50 in January on 22JAN20 but Cumulative Delta was negative for that month is pretty interesting. We are going to need more money to keep moving higher.