FROM a global perspective, B1 failed to BO a narrow bearish TL and established our first 50CB of the day. It was not immediately tested, thus the selling trend continued for a short BOT BO and a run to test the BO-5 level.
As previously mentioned in yesterday's blog, a failure or noted weakness at the BO-5 tends to reverse. We see that again today and bulls reined until another upper TL FBO at B13 and a test of B1 50CB.
Bears take control again, and retest the BO-5. More weakness is seen at B28-29 MAXT at the EMA. PA falls short of a BO-10 and we begin a bull channel run to the EOD.
Bullish longs were available at the reversal signal on B37 (entry B38), B53, and B62. CT shorts were seen a the failed range reversal at B43-44, and the reversal signal at B56. The bull channel move was expected to test B1 range and BO to 1236-37. It moved to the Mid BOT at 1239.
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