Thursday morning”s buying pressure was

Thursday morning”s buying pressure was fulfilled to within 3 ticks of the bias objective. That probed above Wednesday afternoon”s high, as had Wednesday night”s rally. Neither of which reversed the trend up.

Buyers tried again to gain traction Thursday afternoon, exiting the bias environment above the noon hour”s high. But that was rendered moot when sellers tried gaining traction by entering the final hour under the noon hour”s low. The 3:10-3:20 window didn”t so much confirm, as it just didn”t disagree — the window didn”t trend down, but it held under all prior intraday lows.

So, rejecting the decline Friday will require gapping up, essentially above Thursday morning”s 2111 high. Any shallower strength, or immediate weakness, would be likelier to extend the decline. Just closing under 2099.25 has put into play 2077, and rejecting it through Friday”s open would likely trend sharply higher intraday.

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