The buying down at 40, 20 levels are late buyers "forced" into buying so not to be underperforming the broad indices just in case they bounce a lot higher. It is a lottery ticket for them as many has their performance bonuses tied to their ability to outperform the mkt by certain percent. That reduced the flow and in general created an updrift. I do not have the finalized short interrest and other related data until weekend (yes, it is still like that), thus I cannot tell how much flow is reduced ... I remember posting about 1st hitting 880 or higher we may see a drop to 820, then maybe another one up to 920 to 960 and then drop back down to 850... a bumpy ride to 1000 that can finally neutralize various oversold conditions. The longer it takes the lower the next swing high would be.
CNBC Bonus Bucks Weekly Quiz: A series of higher highs and higher lows signals what kind of trend? http://stockmarketbeat.com/blog1/20...s-and-higher-lows-signals-what-kind-of-trend/ We had 4 higher highs with 4 higher lows in the last 2 days fluctuating, but eventually going higher market....
Isn't that upside ledge in a down trend that pointing to much lower price? Edit: NQ and ES failed to fill the gap above yesterday in RTH ...
50 again acted as the critical support/resistance price. It was the break out point for yesterday, and is also the VWAP of the day after RTH was completed.
How much above? High was 75.5... Were you stopped out or are you just giving back slowly the 20 points gain? The morning low being 50.50 and currently 67...
Ya mean the friggin' human psychology is at work again. Following in the footsteps of previous two days, this market will rally, then reverse and then once again rally strongly into the close...or so they think. Will it work for the third time? I have my doubts.
I'm still in. Had the stop actually at 76.25 (rememeber I called for 76 as HOD yesterday?). At any rate, I just woke up so, yeah, I pretty much lucked out on the chance to cash in.