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Wednesday afternoon”s bias environment was exited at 2066. This is the lower-end of a range that was attacked last Thursday before Friday”s May Day rally. Its the lower-end of a range that was tested in mid-April. There”s some other congestion in the area, but the basic point is that 2066 is pretty significant support. And pretty well-worn.

If this 2066 area intends to prevent a larger downleg, then a rally effort must be obvious during Thursday morning”s bias environment. This area is not a position of strength to be greeting Friday”s payrolls report, let alone from lower.

That mid-April session which had held a test of 2066, had begun by gapping down under 2090-2095 from above it. Despite spending the entire session exclusively under 2090-2095, the following session gapped up above it and extended to new highs. Wednesday was the first session since then to be spent exclusively under 2090-2095. Just closing above it Thursday should be enough to marginalize sellers.

NEW CHARTROOM LINK
Please help me test this new conferencing candidate. We”ll be using it Thu-Fri. Let me know its audio quality and other thoughts.
http://chaRTroom.enterthemeeting.com

If that isn”t stable overnight, use this backup link, and I”ll have an xp-friendly solution before the open.
https://roddavid10.mitel-nhwc.com/join/bfyytsh

MARKET WRAP
Wednesday”s post-market Wrap recording is here:
https://roddavid10.mitel-nhwc.com/join/tybfymv