LoMo Market Profile: ottobre 2016

So far, the eMini S&P 500's has followed a relatively bearish script -- climbing to key resistance at 2141 (actually 2143.25), where it has pivoted to the downside for a bout of weakness that has pressed 10 points to the downside, into the 2133 area.

The fact that the S&P 500 recovered to key resistance and turned south adds some conviction to my suspicion that the dominant trend is down and that the bounce off of 2107.75 is a counter-trend rally ahead of a resumption of weakness that will revisit key support at 2107.

Yellen's Friday speech may have directional consequences as markets digest her mixed message on the outlook for a December rate hike.