On Wednesday and Thursday we had 2 closes at fair value and if you follow profile closely then you would have known that a big trending move was around the corner.
We got that move on friday, but the auction did not clear the short term trend of the market.
Let's focus on the last three profiles in the black rectangle.
The asterisks are the closing prices and the purple is the fairest price based on volume traded. Also called POC or point of control.
As can be seen in Fridays' profile the value and the closing are far apart which to me means that the late buyers did not enjoy value or are not of the institutional kind and the event of a move down can be forced to liquidate rather quickly.
Also we had a 20 point spike into the close from 4888 to 4908 and spike rules dictate that the open has to stay above 4908 tomorrow for continuation.
Should that not happen we will see a movement of price towards value and a potential meet up of price and value can happen again at the previous high volume node of 4852 marked in the chart above.
Should it continue above immediate target remains 4939.