Thursday’s selloff created a second distribution with the late rally high at 2074 as potential resistance for Friday. Above that is the single print/spike base, bottom of upper distribution at 2077. Depending on Friday’s open that area could tell whether Thursday’s selling went low enough or is there more downside to come.
But Thursday’s low at 2065.25 was poor, with just one tick of excess and also exactly matching the low from April 18th, keeping the unfilled GAP at 2064/2058.50 in play.Share
While the long term and intermediate term trends remain up, for the current short term down trend to change, Tuesday will have to see an end to one timeframing lower on the daily bars, accompanied by overlapping to higher or higher value. Otherwise the short term down trend remains intact with the unfilled gap area within range.Share