Bull Market Day Before A Holiday

A very classic bull market day.

Perfect 7:30 transitional low (how many times have we seen this, 1 million?)

Perfect 9 o'clock transitional high of day (how many times have we seen this, 1 million?)

Perfect balance action that stops to the tick on the VWAP, and then reverses back to highs (how many times have we seen this, 1 million?)

Simple reference zones showing their usual power.

Same!

Almost same pattern as yesterday.

Morning move up that peters out around 9:00 and then balance.

Not a lot to day trade when the ranges are 5 point-ish.

This market is winding up for a volatility expansion event of some sort.

That, or the game keeps going on status quo.

LOW Volume Monday Gap

Another day another gap up.

This market really is predictable.

The fact that I'm convinced that there will never be a red bar ever again, has my radar screaming louder than ever " inventory is getting too long".

The high of the day was 1999.75.

Yep, one tick shy of 2000.

Will there be a sell response that this huge zone?

Or will the party continue unabated?

Yet another 9:00 reversal intra-day.

Yet Another Grinder

Yet another creeper grinder higher today.

We have raised the alarm now for a couple of days, yet all they do is grind it higher.  Talk about one hell of the end of summer perfect grinder higher!

The simple fact is that a very rude inventory correction is in the cards at some point, yet we are not messing around with fading this grinding higher action until the signals are clear.

We have seen this same story before.  It grinds higher and longer/
farther than anyone thinks is really possible.

And on the day that inventory finally dumps, it is the trade of the month.

Here is to a wonderful pre-holiday Friday session tomorrow.

Here Comes The Reference

Zombie buyers had their way again.

Slight inventory correction just shy of range lows but that was bought hard intra-day.

The reference is all time highs for tomorrow with Fed minutes BS on tap.

It could be interesting, especially after volatility coiling like it has for days now.

VIX not at all time lows, but continuing to dip.

Zombie Buyers

Been awhile since we have really felt the Zombie buyers as today sure felt like a Zombie buying session, with volume falling into the abyss yet again.

When the volume remains this low, and the session creeper-grinds higher all day after an extended run -- alarms are raised around here.

However, all time highs are within a spitting distance.

And a gun of that zone is written into everyone's programs.

Either way, it's game on and tomorrow's session could produce big green or big red.  That, or more Zombie grind.

Hello Buyers

Friday's faux liquidation selling event sure was the elixir to fuel yet another booming bull grind higher.

Should have pointed out this high odds nuance in Friday's post, as it's a firm part of our methodology to do so.

The buyer march goes on.

Target is all time highs at this point, although we are on watch for more inventory adjustments.

1st off, I just love this slide from last week.  Proof is in the pudding.  You just cannot out think this stuff.

Here is today's action: