[dropcap]A[/dropcap] few options today...market structure favors a bounce from 7:30 am time window into open as shown in the scenarios below. How we react to the expected bounce or how the bottom forms will bias the probability skew...bullish scenario odds are improving...though odds are favoring down into Monday.
If markets can hold the 7:00 am area test and bounce into the 9:00 am open that significantly increases odds of upside follow through. Odds for this scenario are improving currently. However, there are high probabilities of weakness after the open. In that case, weakness will most likely proceed into the 12:00 pm or 1:00 pm area and consolidate. A key area to watch for clues - bounce out of 7:00 am into 9:00 am and immediate directional movement at the opening. Not terribly clear today - daily projections are indicating a probability weakness into Monday's open - this could occur on Sunday or start today...so, keeping a close eye on the open here.