Wednesday”s last intraday updated pointed

Wednesday”s last intraday updated pointed out that the bounce testing 2105 was likely to resolve down to new lows. The pattern it was in wasn”t accumulative. And oversold RSIs at the pattern”s 2101.50 low required a retest. (The low also required a retest since its pivotal low had been touched.)

In fact, the bounce resolved down to new lows at 2099 through the cash session close. One of the two potential paths higher Thursday was somewhat neutralized, since it required exiting the bias environment above 2105.50 after testing 2099.25 intraday. Now 2099.25 has been tested, so only one path higher remains, gapping above 2105.50.

That would actually form a “session-long rally” setup. Maintaining a gap up above 2105.50 would be enough to shift the burden of proof to sellers. Currently, despite there being no “unfinished business below,” that burden of proof is on buyers. Breaking under Mon-Tue lows and 2113.50 suggests extending down through Friday morning.

Details and more can be found in the post-market Wrap recording:
https://roddavid10.mitel-nhwc.com/join/jrcrmht

Tonight”s chaRTroom links:
XP-Friendly: https://www.anymeeting.com/860-954-585
non-XP ilinc: https://roddavid10.mitel-nhwc.com/join/bfyytsh