Just Like Yesterday -- But in Reverse

Yesterday we thought balance was low odds -- check!

And that the swing lows would get tested -- check!

And from there we just followed structural ques:

1) The daily minor low look down occurred at at 8:00 -- increasing the odds that is was a failure test at major range lows.  A failure here could produce significant short covering with inventory so short from yesterday.

2) The reversal ran to above VWAP and based -- not even actually touching VWAP -- increasing odds that this formation was continuation to at least range highs.

3) Upon the 11:00 breakout, the volume really came in hard, launching an incredible 2nd standard deviation climb into the close.  Ball-busting short covering.

4) Have we ever mentioned how important it is to be at the desk at 11:00?  lol

So what's up for tomorrow?

The 1st nod is for balanced consolidation to work off the buying frenzy.

The 2nd nod is that the test failure today launches more buying.

The 3rd nod -- and this is defiantly on my radar -- today's overblown upside produces selling back into the range to clear out some emotional longs.

Whatever, today was textbook structure that the astute trader ate for lunch.  Good stuff.

                                      
 Intra-day!