The primary US stock indices opened lower and turned on a dime on news. They traded relentlessly higher the remainder of the day. From an Auction Market perspective Wednesday’s lows were strongly rejected and the Naz and Russ took out last week’s highs (forming a buying tail at the lows). The benefit of the doubt should be given to higher prices, specifically to or above the November highs at 1430-1435. If this assumption is accurate the ES/S&P (and other indices) should hold the majority of Wednesday’s range on any short term retracement.

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