Traders were still buying off very visual references as the market’s euphoric rally continues. The latest new all time high left only three ticks of excess on the daily TPO chart, closing two points off the 2538.00 record high.

Apparent shorter term traders were buying mechanically off the prior day’s point of control early in the opening period, from a single tick above the open price in the third (C) period, and from near the prior day’s high in E/I/J/K/M (also at the half back level). All these price levels have high odds of being revisited, but until any real sellers come into the market there is just zero volatility.

If Wednesday’s excess at the high holds and price can find acceptance below the I period pullback low it could put pressure on potentially trapped recent longs, with good odds of retesting Wednesday’s weak C period low at the open, and potentially the very poor low at 2525.75. Further liquidation could see price trade back to the wide point of control from 10/2 at 2524.00, where price rallied mechanically from the prior high on that day. But there has been zero signs of any meaningful selling and all trends remain up.

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