The Bears Have Taken ControlThe bears have finally pulled price below the main POC at 4350 (this is still in play). We saw a large move followed by a doji and another large move on the daily, will today be a doji? As I write this we are approaching a bearish reversal level on the daily Informant Pivots. These levels were bounced off of all of yesterday's trading session so I suggest you pay attention when the Informant Pivots speak. Below are some key levels, that, with price action will prove to be important points for price.
Key Levels
4323.67- bearish reversal
4349.59 - a bullish continuation
4271.83 - a bullish reversal
4245.91 - berish continuation
4350ish - overall POC for bears/bulls
1.679M in 15-minute Informant OBV - if we blow passed this upward we are in for a bullish day and vice verse
1.62 - if we cross this we are in complete bear territory
Informantpivots
Another Explosive Move Is Possible TomorrowThis is a tight inside value day on the Informant Pivots, just 19.98 in difference from the high/low-value pivots. The last explosive move came form a 36.85 point difference and that was yesterday (9/28) for a 86 point move. I expect a large move leaning to the upside tomorrow. I believe yesterday (9//28) was indicative of bullish reversal based on volume and the simple fact that price closed above what I coined the bearish/bullish Mason-Dixon line. We are in an HnS Pattern on the daily and on the intraday right shoulder (there is a HnS pattern) so I truly believe this is a bear trap. CRP for floor pivots (central pivot range) is extremely tight as well but, it has a slightly lower value bias than the Informant Pivots.
The case of the bulls is the capitulation volume on 9/28 (daily) along with intraday (before close yesterday) coupled with bullish convergence. Price has also, as of writing this, crossed through the 4359.26 bearish reversal level
Levels to to look out for tomorrow
4350ish - Bear/Bull Mason-Dixon line
4359.26 - Bearish reversal (of course, as with all of these we need price action in our favor)
4340.24 - Bullish reversal
4368.73 - Bullish continuation until 4384.49
4330.77 Bearish continuation until 4315.21
Bulls take control of the week at 4378.75
Bulls take back official control of daily market at 4472
To confirm bullish look for Informant OBV to run through 1.90M at open
To confirm bearish look for volume on Informant OBV to reject the 1.90M level at open