Mechanical buying early exactly off Wednesday’s pullback low led to selling off from just one tick below Wednesday’s point of control, then running stops and selling off through the recent pullback low at 2034.25.

References for Friday are Thursday’s rally high at 2037.50 and Thursday’s close at 2034.75, which is just one tick above the low of the latest pullback low. If more serious money was selling Thursday the market should not have rallied back above that breakout level. If price can’t gain acceptance above Thursday’s close the poor low comes into play, followed by 2019.25, the low from March 23rd.

Acceptance above 2037.50 targets the weak selloff level at 2043, a weak reference because it was just one tick below the day’s half-back, followed by the top of the upper distribution and single prints at 2045.50 and Thursday’s high. Above that is a single print from Wednesday and poor high.