The volatility patterns are holding up as today's range was 13.75 points, exactly half of yesterday's range. Push, rest. Push, rest.
Trades:
Classic example of a low momentum (no TICK sub -600) look down and reversal at 7:00, right at the previous range lows. A perfect rejection here, and it's off to the races, especially as they could have easily filled the gap just below. No sellers.
The 8:00 coil at range highs was a fantastic continuation entry with the mechanical low in place.
The 9:30 pullback to VWAP was a valid entry with TICK holding strong and the morning mechanical low in place. But the day is inside range, and targets had to be small.
The rest of the day was chop.
All-in-all, the day has to be viewed as a bullish consolidation day. Whenever the sellers have their chance and fail, the buyers become emboldened.
Odds are that we just push higher again tomorrow.
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