Wednesday afternoon”s 10-point plunge almost

Wednesday afternoon”s 10-point plunge almost did what the morning could have done, trap shorts to fuel the rally”s resumption. But being later, the plunge needed to be deeper to be relevant. Instead, completely retracing it into the close left no bullish consequence outstanding for Thursday. The corrective dip can extend lower.

Unless it”s not extending lower immediately by gapping down. Regardless of the 2095 low”s oversold RSIs that require a retest, the rally can resume without delay Thursday by maintaining a gap up above the 2105.50 area. New highs would be in-play, perhaps by Thursday”s close.

As for the WedEX, the morning”s temporary fresh high was the basis for a bearish signal. But its reaction down was never so relevant as to reject the temporary fresh high. Gapping down sufficiently at Thursday”s open could serve by proxy. But there is otherwise no WedEX signal.

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