I'm feelin a wave. Hope it's not a TDsunami, but the short bus is filled with freeloaders who won't hang on as the boat flips and rights itself again half back= 10.5, the bears grab the railing; 12.5 they give up; 14.25 they get a sex change.
Advances to Declines are pretty bearish so shorts not feeling any pain. Too much technical damage to long positions, no reports coming out to justify a reversal.
I am really enjoying this thread and learning a lot. Go easy on me guys if I have a dumb question or two.
no follow thru even after blowing stops indicates shorts lack conviction. long stops are blown, those who shorted breakdown are in, who is now left to bring new selling ? Volume needs to confirm the down move, usually on a breakdown you will get a big bar triggering lots of program selling. If volume does not confirm we are going to trade 08-09 again today.
Vol will confirm after the fact. If we close negative today especially closer to the bottom, I expect fear selling on Wed. I am not expecting a major sell off today.
Need to overcome the high volume accumulation area from Monday 10:00 am post news now. May not happen today the way they are pussyfooting around there.
day has been low volume If you want follow thru then volume has to confirm I suspect we close higher than 03 today edit Descending triangle looks like we breakdown here on volume spike