Passe — pas de trade

The gate fired on a 1-minute close back above dVAL ($78,331.0) — but a 1m close is never a valid trigger on this book, and the most recent CLOSED 15-minute candle (22:15 UTC, O $78,517.3 H $78,517.3 L $78,250.2 C $78,332.7) closed DOWN, drifting lower through the developing VAL rather than rejecting it; there is no 15m reclaim or rejection close at the level. Price is also sitting between dVAL/D-Open ($78,199) below and daily VWAP ($78,602.7) above with 4h CVD confirming down against a small 5m bullish delta divergence — mixed corroboration, thin late-session volume and falling open interest (short covering). Missing leg: the confirming 15-minute trigger close.