Not gapping up above 2107-2108

Not gapping up above 2107-2108 wasn”t supposed to recover Wednesday. More so, the consequence of a failed recovery attempt was to retest Tuesday”s 2096 low. In fact, the

Wednesday”s rally gained traction. The bias environment was exited above the noon hour”s high, and although the final hour wasn”t entered above the bias environment”s high, the 3:10-3:20 window trended to new session highs. The reward for gaining traction is to control the next timing window, by trending higher Thursday morning.

Several caveats about that upside traction. First is that Wednesday afternoon”s bias-up target was met at the high, and its test immediately reacted down 4 points to prove that it did fulfill buying pressure. Second is that 3-minute RSI diverged negatively at the high, so its retest isn”t required. And a third caveat is that the gap back to Friday”s 2124.25 close was filled, neutralizing its attraction.

Did Wednesday”s last-minute reaction down express enough pessimism to be bullish from a contrarian perspective? That would enable the rally to resume, and to extend to new highs. Otherwise, failing to hold 2117.50 would rob the rally of its traction, and likely extend down to 2112-2113. Under there would reverse Wednesday”s momentum, targeting a probe under Tuesday”s 2096 low by 2-3 points.

Here”s Wednesday”s post-market Wrap recording (chaRTroom links will be sent this evening):
https://roddavid10.mitel-nhwc.com/join/kfptszk