Not entirely sure what happened but the last hour of trading we got an infusion of volume, and low and behold, it was sell volume.
After retesting $294 this morning i thought we were going to just consolidate and essentially bull flag going into the close for an inevitable shot at $304. But something must have popped the algos because the last two hours we had the majority of volume the entire day. And with that being said, and like i pointed out. Volume was going to be the one that gave up the ghost.
We closed well underneath $294 and even underneath the trend line from the two previous highs. This is a reversal/rejection at least on an intra day TF. And unless we can do that thing where the price levitates there isn't a lot in the form of resistance on the way back down to $286. The washing machine/chop house continues. The only saving grace in my mind is that we possibly just completed a Cup and Handle that i noted last night in an off post.
Clear restest and than failure of $294 on the 5 min
Daily still looking salvageable but this does place us back in the sideways channel and ascending triangle
This is what /ES looks like, and really the only saving grace to the bull case
Downward targets could be the 50, and 100 period hourly MA at $2890, and $2850
IWM already making a run for the gap
But still an inside day for RUT
VIX losing and then regaining trend, treading water.
NDX giving up the ghost
Need a confirmation candle tomorrow
Inside day for DJI as well, but a clear rejection from the top of the channel
Havens all getting a bid. Silver is on fire.
We're at an uncertain place on the chart. I wouldn't be surprised to see a decent gap up, or down in the morning so we can get some confirmation and push in whichever direction. If we do end up retaking $294 tomorrow that's an incredibly bullish sign and honestly wouldn't surprise me with the Jpow affect. If sellers decide to show up to play offense tomorrow i'd watch $289, and then $286/285. And if anyone has a bead on what spooked the machines drop a line. The only thing i could possibly tie it to was the Budget Office report, which obviously showed doom and gloom. But, the market has shaken off terrible news this entire counter trend rally so i don't know what was in it that was different this time.
Happy trading and remember this market is still the wild west. Act accordingly.
This is not trading advice. This is my own personal opinion based on my own personal TA.
After retesting $294 this morning i thought we were going to just consolidate and essentially bull flag going into the close for an inevitable shot at $304. But something must have popped the algos because the last two hours we had the majority of volume the entire day. And with that being said, and like i pointed out. Volume was going to be the one that gave up the ghost.
We closed well underneath $294 and even underneath the trend line from the two previous highs. This is a reversal/rejection at least on an intra day TF. And unless we can do that thing where the price levitates there isn't a lot in the form of resistance on the way back down to $286. The washing machine/chop house continues. The only saving grace in my mind is that we possibly just completed a Cup and Handle that i noted last night in an off post.
Clear restest and than failure of $294 on the 5 min
Daily still looking salvageable but this does place us back in the sideways channel and ascending triangle
This is what /ES looks like, and really the only saving grace to the bull case
Downward targets could be the 50, and 100 period hourly MA at $2890, and $2850
IWM already making a run for the gap
But still an inside day for RUT
VIX losing and then regaining trend, treading water.
NDX giving up the ghost
Need a confirmation candle tomorrow
Inside day for DJI as well, but a clear rejection from the top of the channel
Havens all getting a bid. Silver is on fire.
We're at an uncertain place on the chart. I wouldn't be surprised to see a decent gap up, or down in the morning so we can get some confirmation and push in whichever direction. If we do end up retaking $294 tomorrow that's an incredibly bullish sign and honestly wouldn't surprise me with the Jpow affect. If sellers decide to show up to play offense tomorrow i'd watch $289, and then $286/285. And if anyone has a bead on what spooked the machines drop a line. The only thing i could possibly tie it to was the Budget Office report, which obviously showed doom and gloom. But, the market has shaken off terrible news this entire counter trend rally so i don't know what was in it that was different this time.
Happy trading and remember this market is still the wild west. Act accordingly.
This is not trading advice. This is my own personal opinion based on my own personal TA.
