The sellers gained control of the day session yesterday when they successfully pressed lower in the afternoon. However you can see the lack of conviction from the sellers at this juncture because again the lower prices attracted dip buyers who returned price back up near the mean of trade by the closing bell.
The sell flow returned during the evening yesterday before again being met by dip buyers who have returned price back to yesterday’s closing print.
This action is a product of the long-term characteristics favoring the buy side. I have highlighted a resistance cluster from 1762.50 – 1760.75 that the sellers need to defend early on to sustain the foothold they established yesterday.
I have sketched out a few possible scenarios on the day also. These are really just visions of how these incomplete profiles will fill out into nice, Gaussian distributions:
