- Overnight and Pre-Market: Price followed the expected strategy, with 5770 as the key Line in the Sand (LIS). Responsive buyers stepped in, continuing the “buy the dip” pattern, pushing price to an overnight high of 5793.50. However, until 5785 is decisively cleared, range-bound trading dominates. A bullish signal emerged as the 3-day Point of Control (POC) and Value Area shifted higher.
- Morning Session: The market opened with a short bias below 5787, as price rejected the 5785 upper range edge and tested the LIS at 5770. Bears gained control below 5770, and downside targets were met, as Cycle Day 1 established a new cycle low benchmark at 5754.75.
- Midday Reversal: As price reclaimed 5770, the downside pressure neutralized, shifting the lean toward long positions. Bulls pushed price back toward the 5785-5790 upper range edge but failed to clear this key resistance level.
- Afternoon Session: Bulls pressed for a breakout during the “Hour of Power,” attempting to clear the 5785-5790 zone. Despite closing near the highs, there was no breakout traction. Potential increases for a breakout though we’ll need to see decisive clearing and conversion of resistance.
The session was characterized by tactical range trading, with both bearish and bullish opportunities playing out around key levels, particularly the 5770 LIS and 5785 resistance.