Was going to post this back-of-the-napkin volume profile scenario after yesterday's close, but didn't want to without the chart below it and more than 140 characters of caveat.
Volume profile shows an area of interest to me and possibly the market as well: the 1680 area. 1679.25 to be precise. I have no idea if this morning's bounce in the futures means the cash index will head for this level. It's only just a hunch for now.
This chart shows the same zone plus a lower buy zone. I give them about equal weight. In fact, they could both happen eventually. But for now, the chart still looks like a triangle is building. And I still doubt the triangle. It would not surprise me if the marked pitched a curve ball soon.
The Nikkei was down another 5% last night. It's starting to get messy there. Central banks around the world are on notice: the markets are far bigger, far faster, and far smarter than the bluffing of bureaucrats.