Buyers Like Lower Prices

As we suspected, a bit of inventory re-balance was in the cards,

But the 8:00 low and gap fill, was bought hard.

And a hybrid checkmark day ensued.

Buyers are very strong.

The expected response is for buyers to hit it higher tomorrow.  That, or continued balance.

Another Minor High

We sort of expected a death-grind-balance-day, and that's just what we got.

Unless something shakes this market up it could do this for days before another volatility expansion finally erupts.

That notwithstanding, there were some good trading opportunities today on the 5 minute if you were able to keep the ADD in check with such low volatility.

So -- today was healthy consolidation for a move higher, or a bearish minor high failure and a range failure probe is in the cards, or we just balance.

As always the market will print a hybrid of any of our scenarios.

All-Time-Highs!

We all knew it was coming.  And happy Halloween as the goblins gapped price to all time highs upon the session open today.

But all price could do the entire session was balance.

Is this healthy consolidation of gains at new highs?

Or there is too much seller activity out there at this minor high zone, and price plunges back into the range?

Or price balances for a number of days to mind-numb all day traders into oblivion?

Probably 3rd option.

Up!

Rip-roaring trend move into 11:00 today.

11:00 fade the trade of the day.

Following by the momentum diverge just above King VWAP.

All times highs just above.

Fed Crap

I hate fed days.

Hideous grind lower before the announcement gave away to more selling and the pussy-whipped shorts covered into the close -- even on horrible fed news that the free money regime is being stopped.

My guess is that everyone laughs at that thought.  How can they stop it now after so many years without everything going to crap?

We will see.

Breakout Up!

A lazy 5 point range session until 11:00 time zone hit and the grind out of highs accelerated into the close.

It's game on for a test of the daily highs as they are just so close now.  What's going to stop it?

Inventory is extremely long now and intra-day action tomorrow could be susceptible to inventory adjustments.  But our bias is for more upside.

But it's fed day tomorrow so you never know.

Grinder Day

Just a typical bull market grinder day where some points were to be had.