Things to watch on YM 3/26/07

[TinGull 10]

Friday showed more balance.

 

 

The POC, showing the price at which the YM spent the most time, is at 12567. The daily pivot is at 564, and currently price is sitting at 569. More balance? So far, yes. Daily pivot points are very squished together as YM had only a 66 point range on Friday. Price is showing an ease of facilitation between traders at this point in time.

 

Price is still having major tough times at that 61.8% retracement level from the swing highs to swing lows on the daily at 12574:

 

 

Price will definitely have to be able to push through that on nice volume for confirmation to the upside. As for right now, price is trapped. Volume's been declining since we burst through the 50% area and things aren't looking good for a directional market right now.

 

I would expect to see a bit more chop until we either break and close above 575 area on volume, or break below 500 on good volume.

 

As for volume...where is the volume being spread against price the past few days? Here is a pic of a volume profile of last Wed and Thur, and then a single one of Friday.

 

 

As you can see...530-570 is where most of the volume is being dumped. I'd watch the 480 area on the downside for a potential relief bounce based on the fact that not a lot of volume traded there over the past few days. Watch 530 too as much volume has traded there, and price could want to revert back in that direction.

 

Levels to watch:

 

480

530

560

580

600