What we got today was morning balance and a very low confidence chop lower right to S2 and the 1st initial balance extension line. Trade of the day! And then the buyers came in for the reversal.
These simple indicator reference zones are so amazingly obvious, yet they work so many times as the big programs key off of them. No PhD in mathematics required here folks.
We think up tomorrow as the last two days smell of continuation higher. Should a move back down to the bottom of the daily range print, then we starting thinking along the lines of possible topping action.
The buyers should pounce here. Although there are a few flags, like emerging markets diverging hard to the downside.
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