Wednesday, March 11, 2009

Market Notes as of close 11 Mar

Dollar gap below over/under (26.57)- consolidation & gap holds- Closing Range Liquidation- Value Area Lower

USO sell response from yesterdays settlement & over/under (27.83)- Liquidation below settlement- Potential fill of previous gap up- Value Area Lower

SPY/IWM open above settlement- Pullback to settlement encounters a buy response but selling into close brings this into question- Potential test of breakout levels- Value Area Higher

10Yr Bond consolidation at long term demand (120) continues- Afternoon short covering rally likely due to the monthly 10Yr Auction- Value Area Sideways