On Friday I posted a lesson on trading Auction Market Principles. This morning I shared on private chat these two balance areas in two timeframes.
Also on Thursday all of the world was claiming new bull and nothing to worry about. The water is safe. Remember? I was warning you all.
9:35am
9:55am
10:15am
On a 5 min timeframe ES is no longer in balance. It is seeking a new area of agreement between buyers and sellers
Next we work on the larger balance area in this price auction.
10:55am - We should reverse here if buyers step in at the bottom of this balance area. If they don't, well it would be bad for late bulls.
12:26pm
2:13pm
3pm. No rally in sight. I would have kept you out of buy the dip
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Summary of the day
Hell of a 1st day of the month
Breadth
392 new highs
215 new lows
Nasdaq New Highs/Lows 32 Highs vs 102 Lows
17.5% advancing 80% declining
41% below 50 day ma
37% below the 200 day ma
Stuck out
Solid selling but no ooomph
Strong
Weak
What to watch
Next week CPI PPI
Apple iPhone 16 event Sep 9
Debates Sep 10
FOMC Sep 17 - 18
Watch mag 7
Watch yields
Credit card delinquency rate (1991-Present)
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