Thursday, April 4, 2013
The market opened higher with positive Advance/Decline Breadth. Selling ensued in a matter of minutes that approached the premarket lows. Price retraced nearly .618 before reversing and printing the low of the day. Breadth went negative by the end of the down move. This low print was by no coincidence the Value Area Low (VAL) of the trading day, and found a solid bid. Price rocketed up, breadth went 2:1 positive, and Up/Down Volume increased into the close. Ultimate resistance coming at the Point of Control (POC). After hours trading the market retested the POC and has preceded to sell-off. Volume for the day was significantly lower. Please see post to follow for full Market Internals.