Last Day of Feb

Last day of the month.

Not much intra-day.

Balance

No up day materialized, but the either did any real sellers.

The session afternoon look down was buyer-bait. Trade of the day -- not withstanding.  But it did fit within our structural metrics of what we look for.

VIX 13ish is just hard to trade.

The death grind is almighty... But...

Death Grinder

Have not posted much due to the vix in the lower end of the range.  There has been much worse than vix circa 13ish, but 10 point ranges like today are just tough.

Yet, today did print a very nice trade of the day.  The minor high look above yet again showed it's hand at the key 11:00 timezone.

Once again the dump to range lows failed to garner interest from sellers.

Even up here at these levels, failed dumps are considered bullish for the following day.

Zombie Buyers

Zombie grinder day today.

Case and point: TICK ma below zero for almost the entire session.

Yet, price grinds higher the entire morning, and the minor pullback from there was bought hard into the close.

I expect a Big-Red day coming to a movie theater to you very soon.

Not top calling, but obvious laggard-buyers have me on alert.

New All Time Highs

VIX plunging back into it's range as new all time highs print.

The grind is on, comrades, and unless a minor high triggers a sell response here, we are looking for the grind to continue.

Phony Lookdown

All he did was mess with some weekend and longs today. And the lookdown failed.

Historically, moves like this tend to confirm that the grind higher will continue.

Bull Market Lookdown and GO!

Well, it is always nice to get the satisfaction of reading structure properly.

Once the little bull-market look down stopped exactly at 8 o'clock, it was game on for the buyers.

We look for continuation higher tomorrow as the all-time highs are in the buyers sights.

Low Confidence Sellers

VERY low confidence down day today.  But some movement did correlate with our bias.

This little move lower will be fodder for the buyers to jump on and vaporize.

So --

We look for a push higher tomorrow has high odds.  Downside is low odds.  

Good 5 minute structure today in which to frame some odds-based trades!

Range Highs Reversal

Daily: I think odds are for some sort of look down into the range for Monday. But like I mention in the slide, they better not mess around too much -- or else. 

With that we go straight to the intraday charts. The 9 o'clock high today is the most exceptionally perfect reversal structure that is possible on the five minute!

And then the king VWAP afternoon reversal trade gets nod number two for trade of the day.

Grinder

Sure enough, our bias was proven quickly wrong today as the buyers stepped in the overnight session, and a classic example of a bull-market slow grind higher printed in today's session.

With swing highs just above, and the all-time highs just above those, the odds quite obviously have to be that these levels will be tested.

Or look above and fail and then back into the range she will go.

Up Move Failure

As we point out in the slides, we consider the late session failure an odds-shifter for downside auction.

Yet another picture perfect minor high look above and failure today of the previous session highs.  We just love this trade.

Here is to a high odds auction look down tomorrow! Of some sorts!

Intra-day