Careful what you ask for…

Careful what you ask for… Thursday”s late-afternoon breakout did almost everything it could to be credible. The final hour was entered above the bias environment”s high, and the 3:10-3:20 timing window trended higher. Exiting the bias environment above the noon hour”s high would have been more credible, and it”s the only reason that the 3:10-3:20 timing window”s behavior is even relevant.

Regardless, price definitely rallied to fresh relative highs. Buyers were due some sort of reward for 3-1/2 sessions of recovering drop after drop, and any further delay would conditioned them not to bother defending against the next drop. The recovery from last Friday”s payrolls drop to retest last week”s high should deserve extending to the prior highs.

So, almost everything possible by Thursday”s close was done to confirm buyers are the stronger hands. Having gained traction, the rally can afford an opening dip back into the afternoon”s range to test 2077.50. But one thing can still undermine extending higher which is to gap open under Thursday afternoon”s 2075.25 low.

REMINDER: TRAINING SESSION TONIGHT
AT 6PM ET IN THE CHARTROOM AT
https://roddavid10.mitel-nhwc.com/join/bfyytsh

Here”s the link to Thursday”s post-market Wrap:
https://roddavid10.mitel-nhwc.com/join/bwzzhpm