This is certainly the type of gyrations that occur near major turning points. Question is how long will this go on. After watching Tuesdays and Wednesdays action, one would think the bears are gaining the upper hand. Then the magic futures...MAGICALY rise overnight to basically erase the losses. Index futures the perfect tool for manipulation.
So far this is playing out...assuming we have hit the highs of the day and market now ranges (note the range is already 400+ points on the YM)...I would expect a big move up tomorrow. If you are gonna play more today, probably be a lotta chop. I'm out, no more trading i think...maybe do something near the close.
Bought the bar5 close (5M chart) and scalped out as bar8 was forming...wanted to hold longer but got nervous with the 5M20EMA sitting above price (on RTH chart, not globex hours chart) and thought we might fail once touching it. Probably should have held longer expecting a 2nd leg higher even if we pulled back a bit.