Friday was sort of a double Summer Lipstick Day. Because it was a holiday weekend, the second string Friday players who botched the Fed announcement took the day off, leaving things to the third string who decided things looked pretty good. The gap was closed on Tuesday with a nice bounce off the 18 period 120 minute SMA.
This little larger candle structure could collapse, The forecast low is Low – (High – Low).
430 – (434 – 430) = 426. Or more or less near the 54 period SMA. On the other hand, North still appears to be the direction, the chart is far from bearish.
I’ve been working on a SeekingAlpha article.