Wednesday delivered a double neutral day. We explored above the key 1431 Monday and Tuesday and settled back below this level. As I mentioned yesterday - failure to find acceptance above the 1431 level targets the Gap below and perhaps lower to 1416-17 level.
Given the poor structure below us - I had mentioned yesterday that the odds of upside continuation were lowered. We tagged the naked Volume POC at 1438.25 and sold off - settling at the lows. Tuesday and Wednesday have left poor lows. Two back to back poor lows considerably raise the odds that these lows are repaired. Below that we have the Gap fill and two prominent POCs that have not been visited.Wednesday also left a poor high indicating that the auction to the upside is not complete - perhaps the auction is just exhausted after 1-timeframing up for the last 4 weeks . I would not get married to the short side as weekly and monthly trend remains UP.
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