Wednesday afternoon”s buyers gained traction

Wednesday afternoon”s buyers gained traction for their efforts. The bias environment was exited above the noon hour”s high and the final hour was entered above the bias environment”s high. That was at 1913, and then the balance of the session extended another 30 points higher.

Having trended up into Wednesday”s close, gapping down under the bias environment”s 1888 low (just over 50 points lower) would trigger a session-long decline. Tuesday and Wednesday afternoon”s sellers could be rewarded for the traction they gained.

If Thursday”s open isn”t rallying pretty quickly and aggressively like Wednesday”s open, then the rally won”t extend, like Wednesday”s pre-open rally. Trending during inside days lacks the credibility of a breakout. And a breakout from multiple inside days is now likely only to be temporary.

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