Wednesday re-cap

With the market opening gap-down the first trade was to go long targeting gap-close as the first upside target. As always, breaking above gap-close level implies the morning trend was up. A break above prior day high that failed to stay above was followed by a swift reversal down in a nice and orderly 5-wave decline.

Key levels to watch for on Thursday are 2220 as resistance and 2200 as support.