The market opened with strong bullish ratios of breadth on both the NYSE and NASDAQ. These quickly evaporated and the Market Profile of the day fell off a cliff and brought price with it down to the Value Area High last Friday's trading. We found support there temporarily and saw a stabilizing effect on the Up/Down Volume, TICK, and ADVN/DECN, before ultimately breaking down and heading to new low readings for the day. The Value Area going back two trading days (last week, Thursday) had a prominent role at the lows as we bounced off of VAL, traded back and forth between POC and VAH, before finding support at POC and taking prices rallying into the close.
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