I marked Significant Selling (red) on Wednesday but Thursday’s session exceeded Wednesday’s high. That’s uncommon and usually indicates higher, at least in the ST.
I wrote yesterday that ‘I am not initiating new longs, at least until a VA is printed above 4882. Price below that level and I would anticipate a test of 4811.’ Thursday’s VA was printed entirely above 4882.
I was surprised by the strength of yesterday’s recovery – I thought we were going to see more downside. Today, Support is at 4916 – If that is broken, I’d want to wait before jumping back on the long side.
