On the day of inauguration, the SP 500 index gapped higher at open. But it failed to exceed 15-minute open range. The intraday high was made at open. Open range high is statistically significant. It means the market had good reaction to good news (inauguration), but there was no follow through. Simply there weren’t continuous buyers to push it beyond open range high. This intraday behavior is consistent with late stage of daily cycle. It was the 13th bar, that is right in the top timing band. It was trying to make new highs, but it couldn’t even with a great news day. It failed to sell off because it has been range bound since 01/06/2017. It has to break down 2254 before the short trade can be put on. The selloff momentum will intensify when 2254 support level is broken. By then the market will have plenty of bad news to contend with. We don’t care about the news, we just know there will be some understandably bad news to propel it down. Stay tuned.