The updated chart with minor and major levels to watch applicable for day trading. The price continues to be resilient and the buyers maintain the control. The channel was broken OVN and that encouraged the sellers at the RTH opening. However, the sellers failed to take out 2561 level and the buyers stepped in ahead of the OVN low. The shorts got squeezed again and that set the day’s bias. The broken channel bottom was tested twice and provided a tradeable reaction. The market is looking for a catalyst to break the recent balance. The dovish Feds news is getting old. One thing was interesting to observe how the algos reacted during Feds chair conference. It was amazing to watch the price action. The minute he said about continuing to unload their balance sheet - a strong downside move. The price normal flow gets interrupted by such remarks. Nevertheless, the bulls reclaimed their positions after that. At this point the market is building energy at the upper edge of the recent balance. That fact is increasing odds for the upside breakout. Today’s low is important level for the bulls and losing it may shift a short term bias to the sell side.
Comment:
The bulls managed to break the recent balance and made a marginal high into the closing. Sneaky though. Nothing wrong with that the price action and market structure supported that. The intend is to finish the week in green.