The open today was within value and range of the previous session. When that happens one can safely assume that not much sentiment has changed between the close of the previous session and the open of the current.
It is an important observation to note in view of the longer weekend and a news filled headline driven market.
On the daily charts the NF march of value continues up unabated. Profile shows no excess yet at highs.After the gap was closed on Friday our observation was to see if value was changing today or not.
It remained sideways.
Noticeably we have excess visible in the form of buying prints below all profiles, but no excess yet at the top showing that seller are not entering at current prices.
On the daily , shorts will be comfortable only on a close below Value area low of the previous session. One of the ways it can happen is if the market takes out IB Low and stays below that all day. As long as the market does range extension on the upper side after the IB period is over then once can see clearly that the buyer is more dominant. Hi effect is so strong on the markets that it has been very difficult for the market to stay below the Point of control of the previous day for any length of time.
The BN also created value slightly higher today. We are still waiting for signs of a responsive seller beyond the intra day time frame.
Today's high volumes were seen at 5604 and 5583 in the NF and 11152/ 11190 in the BNF.