Pre-close view… Not backing down.
Bias environment exit is probing fresh highs.
This afternoon”s no-bias environment was essentially a no-volatility environment, too, barely piercing above the 2113.00-2115.00 2-point range.
A 2-point spike up coincided at 2:30 when the bias environment began lapsing. That has eked out slightly higher and higher highs up to 2117.25, but its reactions down continue overlapping the noon hour”s 2116.00-2116.50 highs.
That”s the definition of flat-to-higher. And it threatens to fulfill the third higher close required by Monday”s confirmed breakout.
So, closing positive today would open the door to a flat-to-lower morning tomorrow. Nothing too dramatic, as the window for a correction essentially closed Thursday morning. And the door remains open to simply extending the rally Friday morning, instead of waiting for the afternoon”s bullish WedEX influence.
There”s always a path down. Friday”s path down would invert the bullish WedEX. It would also likely begin by gapping down under Thursday afternoon”s 2113.00 low, and probably also trend down through the opening 15 minutes. Regardless, the ultimate objective remains new highs.
