In a previous post, I more fully outlined a the recent stepping pattern that seems to have been occurring since Jan. 14th (See below). It is very strong.
The larger market body is calling for a retest of $100, and maybe the Bears will get it. Will the Bulls put up with it - remains to be seen. The previous psychological $100 brought about the same response, lackluster with its moments of "decent" uptick, but still stronger than the recent leg down.
I think price action will ride its way down to the $104, and the $100 is going to be the line to watch. If there is a small window through this defense line, the Bull are going to have to convincingly exploit it.
Full Post: Predictable Pattern? :
Related Post: 1H Tightening. Break & Test or Test $100"