Opened strong on good volume as expected and up now over 200 points. Sucker rally looks under way. I will want to see the volume confirmations on bigger time frames but aggressive traders will fill their boots on this double bottom.
This move up is weak, relative to previous selling pressure, IMO. I agree that it looks like what you call a "sucker rally." Then again, I'm only watching it alongside CL, which is what I actively trade, so I'm not really that in tune with the equities.
Are you looking for volume confirmation at this level as well? I keep volume on my 25t and have found it can be quite useful despite the small scale.
This is not my market either, Fx is more my gig, but I enjoy scoping out old Wall Street when it is playing like this and watching the confusion it creates. Looking at Effort Vs Result on the 60m chart, the big volume buy on yesterday's low showed a good effort and result. The return to the low showed a lot of selling effort for a poor result. Today we are seeing a of of upside result for little effort because the driver is already in place. Still needs bigger time frame confirmation. The down thrusts have all been on volume flags.
What exactly do you mean when you say that "the driver is already in place"? And when you say "volume flags" you just mean that the pushes down have been on higher volume?
And the testing for a long is today. SPX up 38 as of 12:46pm Eastern. Looks like you were right again. Disclaimer: I personally know Xspurt. He's a freakazoid trader! He's one of the few short term traders who can trade profitably all the time. A true rarity... He called the prior tops and bottoms several months in advance, and was able to pinpoint this reversal at the turning point. Maybe someday I can chain him to a desk, and have him teach me the things he hasn't already?
LOL!!!!!!!!!!!!! Love that chart! Torpedo is about the best way to describe the recent pa.:eek: I like the smoke coming out of the water too! Good stuff.