When you combine this with a range break of many days of balance, that's a recipe for a trend day lower should the buyers pull not pull it together.
As it turns out the trade of the day was to take the just before 10 o'clock range break lower. But you really had to divine that the 1st day of the month would support a trend move lower, in order to really capitalize on a trade like this -- as it came from low confidence structure. It was a minor low zone for sure.
But as I said before, the big clues were the heavy increase in volume and the break from the multi-day balanced zone, and of course the 1st day of the month.
And we have been bearish in our bias on this market for quite a while, including yesterday. It's been feeling distributive for quite a while.
Odds are for balance tomorrow post a big trend move down. But we always have to respect the buyers here. A Hallmark trade - post a trend day - is to buy a low momentum look down below the previous range lows.
But it is October.
We will see.
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