Yesterday's closing remarks- The NF after a neutral center day is known to give a trend day like structure the next day. This happens as the market goes from equal strength to a phase when one party exhibits complete control over the other.
The structure and the energy of the profile was for a resolution today. However both buyers and sellers fought over a larger turf for control, did not give in one to the other and instead of having a trend day we had rotations through the profiles and to the extremes as buyers and sellers grapples for control. In the end, it was an outside day with a close near the POC of the previous day.
The early morning action saw the HVN at 5205 being touched (purple horizontal line) and we had a bounce which went through the value area as the day progressed. However the seller from Monday was back at the highs and drove the market lower again. In the process value was created lower again , though we had a RE to the upside today.
The BN met with resistance at 10350, again a POC from a balanced profile.
The BN is not showing signs of staying down and the profile tends to be a lot more positive every passing day. 10440 is the next objective above 10350.