There was rejection last week at the Value Area High, dashed line on chart, see previous, highlighted comments. Bulls would want to see acceptance (time) at that level or higher which would be an indication that we are in a new distribution higher.
The last 7 Value Areas have been printed above the major Control at 4354 – that’s a positive.
I’ve been writing that mechanically, a RTH close below the low of the 02/01 Buying Day, 4474 (dotted line) would indicate further weakness – that hasn’t happened so far.
