Here is an updated chart to the one put up on the blog on friday-2/11.- http://www.vtrender.com/content/back-range
The market has moved about 20 points on either side of the poc at 5703 but the structure remains the same and the profile still shows balance.
The merged profile has energy and holds the potential to swing one way . We still believe, as we did on friday that the move will be up to look for buyers on the other side.
Meanwhile ahead of the US vote have a look at the profile chart of the SPX
This chart was posted last on 22/10 – http://www.vtrender.com/content/ahead-holiday-spx-preview and we had noted 1403 as a destination trade for the spx.
Subsequently the market made a low near 1403 in the cash index and proceeded to form a balance around there. That was followed by a move to the high volume print of 22/10 again where rejection happened again.
At the moment 1427 remains initial resistance with support defined at 1403 and then 1398.The seller is still strong and holds the advantage in that auction.