The day started out as a trading range, showing signs of bullish imbalance since prices couldn’t reach down to the session open. I expected a possible breakout to the upside — and it did. Still, the bulls looked weak, and there wasn’t a clear BOPB setup outside the range. That made me lean toward the idea that we’d go back into the range, so I held off on a few long setups that eventually would have worked — they just felt too risky in the moment.

The market kept grinding slowly upward and turned into a weak bull trend. We hit both yesterday’s high and the measured move of the range, then stalled for quite a while. I started watching for signs of bull weakness and a possible MTR, but the market just drifted sideways without giving a clean reversal signal.