Overview + Levels

Yesterday saw the first bout of actual volatility (remember what that is?) in quite some time.  Sellers were in charge until about 1:00, when the break was inevitably bought back.  However, the buyers struggled to maintain solid control, unable to stair-step the price up.  In fact, they almost lost control at 2031; if it weren't for some determined market participants staging a quick rescue the market would not have closed where it did.

30 Minute chart of the continuous auction

Coming into the day, a few things stand out to me.  First, the swing high at 2038 also corresponds with a MP anomaly.  This is the highest print buyers managed to make in the afternoon recovery off the lows (27 area) which also just happened to be yesterday's low.  Of course, 2031 is of interest too, as it formed a support shelf on a double test of that area.  Will it continue to hold?  If not, look for yesterday's low to be re-tested.  Should it give way and the market keeps going down, the first real support area I see shows up in the 2022 area, as that's a pullback low from 11/7.  Beneath that is an anomaly at 19.50 that's yet to be repaired.