TO understand the US market today, one must look at the pre market. We had a small bull channel running the range when we had a final spike to the 1324.5 area (was important yesterday). What follows is a bear range running channel to a BO-5 then a near BO-10 effort. PA stalled at 1308 in the B14 area and proceeded to hit it (or stall near) on multiple bars. B18 long signal added a trust in taking a long, even though it was still counter trend in a bear channel, but viewd as a FBO of the channel. Combined with the PA gap to the BO-10, reasons enough to suspect a pullback to the BO-5.
There was a PB, but it too hit resistance about mid channel as the channel began to fade into a transition stage of range bound PA roughly 1314-1310. A second test of the BO-10 was another long signal. Bulls had taken positions roughly at 1310-1309-1307 and only needed 1308+ for profit.
The bull channel ended with a spike BO that ran the range to retest 1324.5: where all this seemed to start earlier...
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