Here's a familiar refrain you would not want to recite again: Whodathunk the market would gap up (on Sunday night)? Anyone willing to hold overnight?
I dunno about A/D, but I took a small position at 865 with a stop placed at 861. Hopefully it'll work out.
So today was pretty much like Nov 11th as mentioned earlier, and the next day was a selloff. I expect another big red day for Monday... Oh yes, cash closed -38, 2 points away from my guess...
The shut out of 920 seems to me a forced play to either retest 840 for a IHS on daily, or 820 for a quick double bottom. Bulls must show up there this time with real buying, not tricky squeezes.
Man, you're getting me all confused now. I think we will retest 834 before making any attempt to reverse course. A double-bottom looks quite possible, but what the hell took so long? Moreover, the price difference between the peak (1008.50) and the trough (816.75) of this W-formation is a bit large to consider it as a double-bottom.
I was as confused as you until I reviewed the time and sales at the 918 area. Then I start to understand. 834 to 840 is the next critical level ... and I am quite amused that by end of today, my next buy zone is in that area. How do they print the tape in a way that enforces such thing? I do not have an answer for that, especially after 2 days of swings taking out all known price levels of support resistance, twice.