Following the neutral day of yesterday we had a double distribution day today with an upper distribution in the spike zone of Tuesday and a lower distribution which went on to hit the High volume node near 4950.
Once again today's auction like yesterday confirms the presence of buyers and sellers in equal measure in the market place and the fact that we mentioned yesterday that the market may be looking to balance or pause here.
Certainly the one time frame movement lower from the 4th has halted.
A sideways going POC ( in purple) shows that the lower value has been accepted for the time being.
Odds at the moment favor a resumption of the downtrend though which will start in right earnest should the market spend time below the POC at 4972 in the morning session.
The BN had an inside day today :
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