Weekly [02/26] Study
![Weekly [02/10] Study](https://substackcdn.com/image/fetch/$s_!QxE3!,w_140,h_140,c_fill,f_webp,q_auto:good,fl_progressive:steep,g_auto/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2e5f2540-13fb-445a-82ea-446385401eca_1229x1113.png)
My last Sequence quoted a -150p downside runway. I’m sure most are shocked to see it completed in just two trading sessions. Let’s take a look at the auction since.
Context
The Market continued to Auction the control of ES : 6050.
Buyers claimed, and broke above Resistance ES : 6090.
Rallies +100p Higher, but failed to claim Target ES : 6200.
Reversal : Complete Reset : Liquidation and Bounce from Target ES : 5910.
Release + Buyers Advantage
The Market continued its natural progression of auctioning 6050 & 6090. Both sides granted opportunity while within the expected range. The Market experiences a sharp downside move which ultimately activated a Bid Program to take the market +100p.
Want to Sell, Hard to Sell
I’m stunned in admiration of this Trap they crafted.
Local Pivot was clearly 6140. It auctioned this for (5) five RTH sessions repeatedly. This(?) prompt an afternoon Spike to the Upside which ultimately led to the following session to Gap Down and Sell Off, viciously.
With the power of Hindsight, this was a Distribution / Look Above and Fail.
The question is Now, will the bounce prove to revisit this structure or will its relief be short lived and explore lower?
