Behind itself?

Marginalized sellers finally squeezed. Already time to squeeze back?

This morning”s renewed bias-up environment marginalized sellers. That information usually wouldn”t have much use, since usually price action would range flat-to-higher.

But declining while sellers are marginalized should trap shorts after testing the range”s lower-end. And those trapped shorts should be squeezed into or soon after the bias environment”s exit.

This morning”s trapped shorts weren”t limited to the range”s lower-end, i.e. its 2026.50 bias-up target. And they weren”t squeezed until coming out of the noon hour. Sellers seem to be stronger-handed than the renewed bias-up suggested.

This afternoon”s late bias-up above 2031.00 fulfilled its 2036.00 bias-up target, and also its next higher objective at 2040.25. There is no requirement to trend any higher. And now the bias-up environment is within view of lapsing at the bottom of the hour.

Back above 2038.50 would be credible for resuming the rally, targeting 2051.00 and higher. Otherwise, back under 2035.00 would start to signal this morning”s high had held its retest, and that momentum is reversing down — targeting well within yesterday afternoon”s range.