Big Gap Higher

Hindsight bias sure makes yesterday's mechanical low one hell of a long entry.   I'm going to have to do a study to see if that pattern is reoccurring.

With an almost 2% (darn near 20 points) gap up all there was relatively little movement on tap for today's intra-day session.  Trades that stand out were to buy the VWAP pullbacks and then position yourself for the last hour push higher.(The crew here just knew that baby was coming.)  With the gap fill just overhead, the 12:05 programs hit the gas for a nice trade there.

Price is now at the upper end of the previous 6 days of balance.

With the big gap up day today, we expect balance tomorrow.  We will give this punch higher the credit of being the beginning a new auction higher -- until proven otherwise.  But we do not rule out a washing machine move plunge back into the range and gap below. A cheapie look higher tomorrow might also set up a nice short.

Or just a news jam job one way or the other.

3:41 PT --  News spike after hours down to 1673 and now price is back nearer to settlement at 1681.  Can't even get the blog post up before the shenanigans hit : ) The shake and bake lower and reversal probably adds to odds for upside tomorrow.