Everything looked like short this morning. Market engineers want this market up, though. Light volume. Leave a nice close on Friday. Hope some buyers come in on Monday. Forever up.
TQQQ 5M chart - Bought 300 TQQQ 1-tick above bar2 high @ $163.89, hoping for swing up. Scaled in once lower and bought another 400 TQQQ @ $162.59. Sat through the draw down, exited 400 shares at $163.93 and the final 300 shares at YH @ 164.35 Kinda pissed at myself because I took more risk than I like and sat through a drawdown down to the 20EMA - however, what gave me confidence was that the NQ advance-decline volume stayed very strong even during the drawdown which made me feel like institutions were buying underneath the appearance of selling. Anyway...bad trade, good result.
What time is it...ITS 12 noon on the east cost.....LUNCH TIME. Where is the stock index.....Session high.......so easy.....same thing over and over and over.
We've had strong morning rallies for the last 2 days, followed by severe bloodletting in the afternoon. Today we are getting another strong morning rally. Will the afternoon be smooth sailing, or will shorts attack, testing to see how much conviction the bulls truly have?
To me, it looks like market engineers staged a gap up, to create a bullish-looking chart pattern. The purpose is to create an 'island' to counter-act those 2 giant gaps on Jan 30th and Feb 5th. The down gaps appear real to me. The up gaps appear entirely engineered.
That was 2014. We were engineered out of that long ago. Invalid chart pattern. The price was $16000 back then, and the market proved that price wrong. We're at $25000.