Mid Day Review: 23rd of February 2016

And supports become resistances:


Quick mid-day review:

(1) Yesterday we saw how XBP Bulls and Bears Support and Resistance Levels (XBP BB SR) indicator printed 4 supports during the trading session at 1936-37 level.

(2) In today’s opening session, we saw how the market couldn’t cross this very same level and dropped until 1922-20 level, which was already detected as a key support and resistance level last week.

(3) 6 high volume bars are seeing at 1922 and an additional green bar a bit later. Remember that XBP Market Players indicator prints a green bar when it detects the highest volume of the day. So that 3rd green bar is pretty significant seeing what happened before. This could signal smart money buying the market as I think it’s too much volume for just running stops.
Also we have those two high speed tape bars (in purple), which the second one comes without big volume, so that’s most probably a big player sending a lot of small lots to enter/exit the market at that 1921 level.

I expect the market to rally up from this point. But again this is just my opinion and big volume bars could enter at any time and turn the market upside down. Trade at your own risk and always place stops!

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