Thursday”s mid-day reaction down was

Thursday”s mid-day reaction down was largely recovered, but the rally barely resumed. Blipping-up during the noon hour to test ?2119 had reversed down to ?2110 as the bias environment began. The next hour firmed to ?2114 and the following hour firmed further to test ?2116.

That”s almost 7 points up from the pullback”s low, but still 2-1/2 points under the high. The reaction down was absorbed, but the rally didn”t attract new sponsorship. The final half-hour settled around 2113.

2113 was the last relative prior high which had launched the decline into last week”s lows. Still overlapping it at Thursday”s close prevents labeling the day as a breakout. Meanwhile, buyers gained no traction for their efforts, since only the final hour”s entry recovered a relevant level.

So, expiration isn”t being greeted from a position of strength. Only closing at new highs would constitute a breakout now. That door is open, since Thursday”s gap up served by proxy to trigger a late bullish WedEX. But the signal”s upward bias applies to Friday afternoon, and doesn”t preclude dipping first to 2105.50.

Here”s more detail in the post-market Wrap recording:
https://roddavid10.mitel-nhwc.com/join/wzjbctv

[Links to view overnight action will be added to this post”s comments section in the Activity Feed]