Tuesday”s session failed to exploit

Tuesday”s session failed to exploit the morning”s trapped shorts. So, the natural question is whether Tuesday morning”s sellers are weak-handed. They allowed impatient buyers to have their way, avoiding an intraday test of last week”s 2096 low, which prevented a more reliable low from forming.

That impatience will be an issue if Tuesday afternoon”s 10-point slide to 2106.50 were to extend down any deeper. An overnight dip could be recovered again before the open, but that would be asking a lot of buyers at this stage.

Having trended down into Tuesday”s close, gapping up above the afternoon bias environment”s 2116 high would form a session-long rally setup. Regardless of the overnight action, just opening above 2112 could marginalize sellers. Otherwise, renewed selling pressure could extend down sharply, perhaps even overnight.

More detail is covered in the post-market Wrap, recorded here:
https://roddavid10.mitel-nhwc.com/join/bwzyhmm

Tonight”s chaRTroom links are here:
XP-Friendly: http://anymeeting.com/311-962-216
non-XP ilinc: https://roddavid10.mitel-nhwc.com/join/bfyytsh