Thursday”s recovery back up to

Thursday”s recovery back up to Wednesday”s 2104 high didn”t probe above it. The pre-open high was barely probed by 1 point. The recovery barely probed positive territory. And it left unfinished business outstanding at oversold RSIs that formed while fulfilling the morning”s 2088 target.

But Thursday”s recovery was more impressive than not. Wednesday”s relatively modest net improvement following FOMC was retraced entirely. And Thursday”s opening drop would have been justified to extend lower and neutralize attractions nearby. This repeats a pattern seen several times previously this week, in which sellers are nominally satisfied and then substantially reversed.

This pattern need not repeat from here. In fact, Thursday afternoon”s buyers gained no new traction for their efforts. But extending higher overnight and gapping up Friday morning would be credible for extending sharply higher intraday. Otherwise, dipping back down to 2096 would be difficult to resume Thursday afternoon”s recovery, and easier to resume Thursday morning”s decline.

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