The run up matches the dollar yen pop but that was a very weak pop of 100 pips. The gaps still have to be filled ... On the other hand, we have an exact inverse intraday set up - Yesterday we have a down gap not filled with down side breakout of 1st 1/2 hr pointing to a trend day. Today we have up gap not filled with up side breakout again, so another trend day?
Under normal circumstances, that would be a proper play. But this ain't no normal times. In the meantime, I'm hitching a ride down to the gutterville. Hopefully, 847 will remain a distant dream.
An interesting setup today. If they really want a good bottom, why not let the gap filled? And if a good bottom is needed, why the gap below at 800 not tested? My guess, now, is that they wanted a new low before year end.
This 838-40 range was a big support yesterday almost all day, and today it acts as resistance. If we break through it shorts will be smoked for good... With a little stretch, we could say that we closed the gap (only 2-3 pts left on the cash), so that is not a problem, except the earlier gap of 800-810, but I guess bulls were just too eager to buy...