But as I discussed with colleagues today, the simple fact that the pattern was so obvious really negated it's power. Every Kirk, Dick, and Harry retail technician was "all over it".
All that they could pull off was halfway into the gap, where the 1850 zone kicked in.
Take that you laggard innovators!
Today's structure most likely points to continuation higher and we expect some buying tomorrow.
But we say this within the context of today's volume being lower than yesterday's and a P formation on the profile. Today was no young auction day to say the least. Range was 15.25 points, down from yesterday's 19.25.
But strength was strong underneath the hood and the TICK MA was firmly above zero for almost the entire session.
If negatives hit, fine. We all know this market could print Big Red anytime as the world is a messy place.
Two nice trades of the day to highlight tonight on the 5 minute.
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