Wednesday failed to extend two

Wednesday failed to extend two more surges, one of them pre-open, both probing above 2118 resistance. Neither was reversed back into negative territory. In fact, Wednesday”s session was borderline “ineffectual optimism,” gapping up and spending the entire session in positive territory without extending higher.

A door remains open to launching an upleg. It”s the front door, as in Thursday”s open. Trending Thursday afternoon will be difficult if not already underway by then, as Friday morning”s impending Employment Situation report tends to paralyze price action with anxious. The drop since Memorial Day has formed a Descending Triangle, and greeting the report from within the pattern wouldn”t be a position of strength.

NOTE: I”ll be unavailable Thursday after the noon hour. First, we”ll do a “Market Wrap” of sorts at 1:03 ET, and then identify the afternoon”s bias. The chaRTroom will remain on-line.

Here”s Wednesday”s post-market Wrap recording:
https://roddavid10.mitel-nhwc.com/join/zvshzkj

And here are the overnight chaRTroom links:
XP-Friendly: http://anymeeting.com/460-932-788
non-XP ilinc: https://roddavid10.mitel-nhwc.com/join/bfyytsh