Progress

Looks like we broke to the upside from the range of 1745-1741 we identified yesterday and again traded into uncharted territory.  What I've found absolutely hilarious is how everyone has a 'proprietary' technical indicator that is flashing (so dramatic) that market is extremely overbought! However, they fail to tell you that they have been flashing this for weeks.  Of course they are going to be right this time or eventually restoring the confidence in those indicators once again!  I do admit that in my earlier days learning the art of trading that I've come across some very appealing indicators and actually coded a few of my own that I was sure were going to be the holy grail.  Then I realized that I wasn't that smart so I scrapped indicators all together and took another approach to analyzing the market which you are reading in these endless pages of rhetoric.  

So on with the point of today's post.  Below is the SPX 15 min PnF chart where you can see how the volume profile is progressing nicely specifically at these trading ranges which represent areas of accumulation/distribution.  These areas of accumulation/distribution later serve as support and resistance which is why they are important to highlight. 

There was quite a bit of happening under the hood today.  The SPX 15min chart below highlights the support and resistance areas pulled for the PnF chart above (1757.8, 1747.6).  Price broke through minor resistance at 1747.6 only to retest it early on and rally for the rest of the day until price hit intraday resistance and pulled back into the close.   Now facts are facts and the volume profile above highlighted the areas of potential support (1745-1740, 1720-1715) therefore, should the market decide to pull back from these historic highs then lets watch these levels and see how price reacts. 

Thanks for reading.