Back into the box

For those of you have attended one of my seminars, you know about the box pattern and the extremely high probability trades it provides once it sets up.  Yesterday looked to be a downtrend day that might have closed below 1127 which would technically have been a box breakdown. However you do have to be patient with this setup as the last hour yesterday proved to be positive. The market closed back inside the lower half of the box so we will have to be patient a little longer. The market did have a different look yesterday however as we spent most of the day in negative territory, something we have not seen for quite some time. We netted 10- readings on my daily CCT bringing the daily indicator down to +232 for the short term, which again is still overbought. 1127 has now become a strong support and the 1150 area strong resistance. We need to close above or below these numbers to help us identify where the market is likely heading. This might be touch before Friday's employment number which is widely watched by traders.