SPX: Fairest Price Business Being Conducted

“The trader who realizes that time must pass before decisions can become clear is a trader who will likely avoid the trap of excessive trading.” [Jim Dalton]

Structurally, the market is in balance and relatively fairly valued. Price discovery via lower range extension is most likely, given there are more TPOs below the POC than above. Today’s market has opened only a few ticks above yesterday’s settlement, an auction market condition referred to as “…a low confidence day.” There is currently no edge to trading in a day time-frame. On a monthly basis, a long bias persists.