We continue to move higher where false breakouts and breakdowns happened daily generally with a Spike at the end of session. As we continue to consolidate after expansion, we must continue to engage at the edges.

We now have a new 5 day balance (5850-5925). The lower end marking the Oct 15 spike, breakout of previous consolidation and sits just above Oct 7 week VAH, Single Print (SP) (5840-5845), and previous highs. Breaking below this area will open potential value rotation back to our 2 week balance top ~5798.

Friday left us with an inside day (5886.5-5915.25) and will be used as our guide for this week. Friday’s top lines up with the Oct 14 Spike base, Retail/Jobless event candle, and last week VAH (5914). Friday’s low marks Oct 17 Spike base, 5 day balance halfback, and Single Print (5881.5-5884.75).

Buyers will need to move above Friday’s high to test balance top. They then must continue higher or risk a failed breakout. For that, The bull pivot is 5925-5935. Acceptance above opens Friday 100% extension 5994 and 5day balance 50% extension 5962. Further acceptance will move into 2wk Balance extremes (150% extensions) which includes the weekly expected high at 5970. Extended target will be the 5day Balance 100% at 6001.

Weakness will begin to show below Friday’s low 5886.5 and last week’s VAL 5879. This will be buyers first area to show up. Further weakness will move us down to October 17 OVN low marking an RTH value gap and Wed (10/16) IBH (Initial Balance High). There is a naked POC at 5868 that may be reactive.

Sellers will pick up steam below the bear pivot 5841-5850; however, I do expect buyers to attempt a rescue here at 5day balance bottom as the weekly expected low is just below at 5846. A look below and fail on last Wed/Tues lows is worth a long. Acceptance below may unravel price down to 2 week balance top at 5797.