Responsive Sellers Beat Down

The daily downtrend channel line is very well respected. The gap down today could not fill and after many hours of balance, the 11 o'clock trade came into play as the sellers printed a double distribution move lower into the close.

This market is changing! The buyers have had multiple chances here to just continue grinding price higher. But it's just be down after beat down.

And the key nuance going into tomorrow will be that price is near the prior high confidence excess tail swing lows from last week. If the sellers can mow through that reference, then it could be game on to the downside.

Either that or this key reference will get rinsed and price will pop back up into the range.

Either that or today's selling was low confidence in the buyers will hit the gas tomorrow.  The overnight session is already up as I write this.

I think it's high odds that the swing lows will at least get tested tomorrow.

As I point out in the slides, I don't think that tomorrow will be balance!

Intra-day

End of day