Hesitation is intervention

In both rises today, the market produced the two largest hesitation sequences in the entire downside auction.

Not continuation. Not breakdown. Hesitation.

If authorship weren’t present, the tape had every structural excuse to continue lower

liquidity pockets existed, momentum was intact, volatility was accommodative.

Under normal conditions, this would almost certainly have spilled into another -0.50% decline without pause.

Yet — it didn’t.

Instead, price attempted continuation twice and stalled both times, as though something unnatural to the downtrendinterrupted the flow.

Hesitation is not random.

Hesitation is intervention.