The low held a fifth test, and the bounce to 7697 was sold in the 11:30 bar: the rally's buyers are underwater

Rejected at the balance's value high, and nothing near it since

This is the seventh session of the balance that began on 10 Sep, and the day is trading in its top third, under the balance's 7711.75 value high and the composite's 7708 value low. The open at 7710 was sold in the first bar, which printed 7714.5 and closed 7705. The initial balance settled at 7683.25 to 7714.5, unextended either way, and the last two hours have traded entirely inside its lower half.

Five tests of the low, one bounce to 7697, and it was sold

The low has been tested five times since 10:00 and has held every time, within a point of 7684. The first snapshot said no bar since 9:45 had printed over 7695.25. That did not survive the hour. The 10:45 bar rallied to 7695. The bars after it pushed the high to 7697, and no further. That was the whole bounce, thirteen points off the low. Yesterday's 7694.25 value low was closed over twice, by under two points each time, and each time the next bar closed back under it.

The 11:30 bar ended it. It opened at 7695.5, the best close since the first bar, and closed 7688.25 on the heaviest selling of the day. So far in the 11:45 period price is back on 7684, on the low for the fifth time. The initial balance is still unextended two and a half hours in. Today's value has built in the bottom third of it, with control at 7687.5.

Bought twice, sold once, and the sale is the only flow that paid

Cumulative delta peaked at +4,651 on the 11:15 close and is +1,726 at the cutoff. Price is 26 points under the open. The bounce was bought hard. Buyers paid roughly 4,000 net between 10:45 and 11:15, and none of it survived. The 11:30 bar sold 3,003 net for seven points down, the first heavy selling today that moved price; the 10:15 sellers at the low were absorbed. The buyers' pushes lifted price, but never past 7697, and the 10:00 push got nothing at all.

That leaves the buyers of the bounce as the group most offside. They are long from between the low and 7697, and price is on the low. The sellers at 11:30 are the only traders paid so far today, and by seven points at most.

The primary is dead, the alternate's probe never printed, the bear's trigger is 3.5 points away

The 08:05 read's scoring is where the first snapshot left it. The primary died on the 9:45 close under 7694.25. Its 7732.75 trigger has not been within 18 points. The alternate's trigger has traded but its 7722.25 probe never printed in the session, so the failed breakout it needed did not happen. Its first objective at 7680.50 is 3.5 points under the last. The bear's trigger is the same 7680.50 and has been within a point of printing five times without doing so. Its stop at 7722.25 is 38 points away.

Sellers hold the closes; the 11:30 bar is the first flow that paid

Sellers are in control and were paid for it at 11:30, the first time today. The bounce's buyers, long up to 7697, are the most offside.

The rest of the session

What to watch

• 7683.25 Today's low, tested five timesYesterday's 7680.50 low sits just under it. A sixth test that closes under is range extension; one that prints through and closes back over is the alternate's probe.
• 7694.25 Yesterday's value low, the ceilingClosed over twice, by under two points, and sold both times. A close over 7697, the bounce's high, is the first thing the sellers have to give up.
• 7665.00 Monday's value low, the primary's first objectiveNineteen points under the last. Tuesday's 7649 value low sits beneath it, and a print through 7665 without a pause is the bear's trigger.