Trying, trying again.

Too late to trap marginalized sellers?

The bias environment has lapsed. The sudden and steep surge from 2022.50 stopped being relentless after touching 2030.00. Its reaction down was retraced momentarily, but another reaction down touched 2021.00.

All of which is still above yesterday”s highs. This morning”s marginalized sellers never retook control. But neither were they trapped, by squeezing their shorts to fuel a surge to fresh highs.

Surging is still the character of any credible upleg. Back above 2028.50 is still the main differentiation between trending up or down — but that”s essentially the midpoint of a 5-point channel of noise around it.

Fresh highs would still be vulnerable to reversing down into a more substantial downleg. Extending down without first probing fresh session highs is less deinable at this stage.