That's not even 1 % up on the day. Perfectly possible. I went flat at 36 and immediately regretted it. Tempted to chase now, but I won't. Just watching this from the sides here.
I feel 50 is key here. I'm not taking any positions either way, so my opinion is worth shit, but I wouldn't be surprised if this retraces from here either. If I was forced to trade, I'd probably go long, though. It's definitely feeling squeezy now.
V algos really working overtime today. Just amazing how they have every single drop completely controlled. From that 9AM V, to the mini V just right now. Taking a mini break from this place. Enjoy new ATH. Market is beyond unstoppable. Just cannot, cannot get any drop/pullback to last more than a few moments.
That’s for RTH only. Laissez is the real expert in this. For what it’s worth, I was inspired by a discussion between Laissez and Ironchef in another thread, which led me to start my own classification of SPX days and structures. It’s a daunting task, of course, so this is really just the beginning. Metrics like the percentage of inside vs. outside days are easy to calculate, but the real challenge lies in categorizing individual days and combinations of days (structures) into a few building blocks. This approach helps you “map” SPX movement and pushes you to think carefully about clear and non-ambiguous definitions. One aspect I found interesting was analyzing the timeframe when most of the day’s highs and lows occurred. Oddly enough, I’d never looked at it this way before. On reflection, it’s a foundational piece of the so-called Opening Range (OR) strategy. I too think the exercise itself is the real value. By doing this kind of analysis, you’ll likely (even unconsciously) build a mental map of what’s “likely to happen” in specific scenarios. For now, my primary focus is identifying large trend-down days—which I’ve defined as a drop of more than -1.25% from the open (even if the day ends with a close above the open). These days are, of course, relatively rare in nature