[Dogpile]

S&P's did run nearly +20pts up off the 'higher bottom'... you can see how as soon as it fulfilled the 'low to high' move, it reversed. it was its own little 'intraday high violation' after a +20 pt move up.

The day ended up a NR7 (narrowest bar of last 7) and an 'inside day'... A narrow, inside day can be a 1-bar breakout pattern so need to think about Monday being a potentially dynamic day with 'range expansion'. a morning high/low violation is still a 'potential' fade but need to be careful as we could get a strong directional move out of the NR7/ID. Will have to monitor volume/breadth and range expansion off opening price.

It looks to me like we have had good buying low in the large trading range and that Fridays afternoon 'higher low' might have been a 'tell'... On the other hand, we are still stuck right in a price zone that has built up a ton of volume now near 1461.00. We have not seen any sustained 'initiative' selling below 1461.00 yet. The Thursday-Friday action does not suggest immediate 'downside continuation' to me... Thursdays down day was on weak volume and Friday made a 'higher low' so maybe next auction is up. We'll see.