Did Tuesday morning”s recovery attract

Did Tuesday morning”s recovery attract new sponsorship? Can it still? This is kind of important, because it will make the difference between resuming last week”s breakout rally, or else launching a decline much more powerful than Tuesday morning”s slide.

The afternoon”s bias environment didn”t extend above the recovery”s 2110.25 high. Neither did the final hour. Only the reaction up from a late dip to 2105.75 support managed to probe higher, to 2111.75. Even that was problematic, since the cash session close only made it up to 2109.75, under the recovery”s high.

The consequence to not attracting new sponsorship, even in the most bullish scenario, would be for a corrective dip targeting 2098-2099. Dipping a little deeper would risk becoming attracted to retesting oversold RSIs at the plunge”s 2088.25 low. That low wasn”t made to be retested… only broken.

In the absence of having probed intraday above the recovery”s highs, gapping up Wednesday could still serve by proxy as attracting new sponsorship. Gapping up, preferably above 2114.75, and extending higher.

Here”s more detail in the post-market Wrap:
https://roddavid10.mitel-nhwc.com/join/fbfkwks