I'm hoping this rally will extend this period of volatility. I'd like to see these type of markets around for several more months. Nice, volatile two way action in CL too. I could see a sharp down break occurring after everyone trying to short has thrown in the towel just because the market gods have to make it difficult on us. Especially if the ES and YM cannot print new all time highs like NQ has today. Tricky part is always the timing...
Looks like the liquid-lunchers are bullish. Nice little deliberative V off the slow MA while they figure out which way to go. I'm watching for some confirmation here in the next 10 mins.
So, what's the read here? Flatlining at 2:30 was not a scenario I had considered. Does look like we may have just put in a double top which would support Pekelo... Edit...oops, just checked the action while typing. New day high.
It would be a rare occurrence that a market would trend higher like this all day and then turn on a dime and reverse. ---especially on a Fri---It's certainly possible but unlikely. I prefer lowering VIX and burgeoning trends.
Agree completely. I just expected institutional buying to materialize in the volume bars (it didn't), and the disproof of this would have been a modest (or massive) selloff. I didn't really think we'd hold the middle ground between 2:00 and 3:10. Choppy choppy chop.
We've got 10 minutes to get cash over 2789 or else we have an inside week----and weekly close will not be as strong as I would like and I will have to be exceedingly careful.
Why do you see 2789 as important? I was looking at 2780 as more significant--which also corresponded to S/R in a lot of components. For my part, that's about as pretty as closes get for a bull. I'm weary of the 2/26 formation though that looked very similar (second gap, close on day high...at 2780ish)