Pre-close view… Sliding up the wall of worry.
Afternoon rally barely skips a beat.
The reaction down from attacking 2075.00 had room down to 2067.25 before threatening to close under 2062.75 which would put into play 2035.00. The pullback limit was attacked with 2 ticks to spare before resuming the afternoon”s rally.
Its 2078.00 objective was probed up to 2080.50 resistance, and room for its reaction down to 2076.50 was touched before resuming the rally again. Now 2085.00 has been attacked, and another pullback is underway targeting 2078.00 or 2075.25.
But not 2067.25 or 2062.75. The test of Friday”s range has held. Buyers already gained traction for their efforts — the bias environment exit was above the noon hour”s high and the final hour entry was above the bias environment”s high.
Their reward should be to trend higher through tomorrow morning”s bias environment, so long as the close isn”t under 2077.00 or 2073.00.
