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Thursday, September 15, 2011


Money Bars, Volume Profile , Relative Volume and my TPO study

While this does not prove price follows volume, it does show the tendency.
The bottom graph is daily volume

Midday Monday I said "In my ideal world we would turn soon between 1155 and 1166 but the SPX daily has a long bottoming tail and if tomorrows close is above today's close it will be a bullish candle stick pattern"
The candlesticks were right again and that long tail was the clue.

The internals continue to be sluggish and the market continues to grind upward.  If the Bulls push through the 1209 area, we should expect the next resistance level at around 1229.

I have moved the yellow down fork to reflect the higher resistance at 1229.  If the Green Fork is broken then the bears will have to push price past the 1139 support.

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