Today was a difficult day for the trader who wanted a good night sleep. The market rallied 2 % overnight. The above chart speaks for itself. The market rallied throughout the session and volume and support came in where it should right on schedule. We ran out of demand in the bar with 31,000 contracts, but no significant supply flooded the market. The last rally of the day was notable for the extreme amount of buying-- 189 +51+12=252 with modest upward progress.In the second chart I just wanted to show that the market ran into resistance at approximately the 50% retracement and at the top of the large supply bar-green dashed line. We moved through the lower resistance lines on moderate volume to a high end close. While bullish, this action is not yet fatal to the bear case.
