Today is series s3L IFFY and the SPILL PRESSURE is UP. The overnight low 1631.5 actual, 1632.5 SPOT first pass with FAIR VALUE ADJUSTMENT EQUIVALENT 1635 CASH (the .5 retrace of the rally from 1660.33) was trapped. This was te reason for the focus in yesterday’s COMMENTARY on the mid p.m. FOMC CASH low @ 1638.42 and the 1637 SPOT.
Bottom line: we have been looking for a larger “B” WAVE BOUNCE and the BEARS failure to take out the Wed. low on Thursday certainly may has provided the opportunity. The BULLS NEED to hold any selling over the next day or two above that low on defense and convert the 1657 SPOT to support in order to open up higher prices. The BEARS retain control of the chart up to the 1689 SPOT. The most favorable place for the ‘B” wave high will be the 1664 to 1677 SPOTS with the 1677 probably a bridge too far… SPOTS ROUNDIES TA..