Pre market narrative

• Gap down after nfp which brings us into the 3 week balance area
• It is a gap down in a long environment
• To keep the breakout intact we would need to reject these lower prices
• If they accept these lower prices we would have a look above and fail
• Do not trust gaps. Look what they do when the bell rings

Post market summary

• The market was upwards all day
• They did it slow as if they do not want to show their hand
• A simple thing like a trendline can be very helpful on these days to stay objective
• For me this rejection out of the balance area looks very positive. But as the wednesday move was very large and emotional there can of course happen more shake out before the market eventually grinds higher. Thats why we trade on the day timeframe.