Wednesday was a double distribution day, trading in and out of the previous three day balance area multiple times. That is not a sign of a strong market. To remain positive price should not find acceptance below the lower distribution at 2012, which was also the late day pullback low. The single print at 2009.25 is also a short term reference point. The prior gap at 2021.25 was also filled on Wednesday.
Acceptance back within the three day balance could target the low of the range.Share