Price Higher / Momentum Lower

Just another snoozer-grinder type of day.  But I think what was interesting about today, was that it pulled it off on significantly lower momentum.  And that's the stuff that can trigger a reversal.

Today felt really mechanical and full of laggards.

But as we said yesterday, the market didn't go down, and now the highs are within spitting distance of the programs to reach for.

I think that some sort of downside test is in the cards for tomorrow based upon today's structure.

Gap Up And Balance

Gap up and balance.  Right into the gap fill zone and stall.

Market is pretty dang extended now.

Or should I say that it's doing a pretty good job of going up?

Unless it fails tomorrow, then only a Mustard Gas attack will keep it from testing all time highs.

Grinder Love

A few days off the blog and just look at what the machines are pulling off?  We have a firm mechanical grind on our hands, and she's just the kind of specimen that you want to take home to meet mom and dad.  On the outside, she's just perfect!

Although she's of the structure that can cause a quick dump to leave your heart broken in pieces, so you have to watch your heart.

Yet, she can continue her game and be all warm and fuzzy, let alone very cute. Especially, as there is a nice big gap above to test.

Or will she minor high this level and plunge back into the range?

Overall, this market could be in one huge topping pattern.  Can't get this thought out of my mind.

Our radar is up!

Hello September!

Great trading day showcasing so many of the supply and demand concepts that we harp upon day after day.

Scottie, beam me up!

Oh, and I have no idea what the market is going to do tomorrow.  None.

Monday Holiday

Last day of the month a snoozer for Friday.

Two low volume look downs rejected hard.  A nice tell as it turns out because, as I post this, the Monday holiday gap up is +15.

The game goes on...

Maybe Syria will send over some surplus chemical weapons so we can shake up Congress at bit.

Repeat Day

Today's action was an almost perfect mirror of yesterday's print.  A period tail and grind higher only to fall back into the range mid session.

We will point out some nice trading opportunities today and also marvel at a couple of 5 minute chart nuances that repeat over and over.

3 day inside range balance now, and I'm just not sure if the gap fill above is just too juicy to ignore, or if two day's of afternoon weakness are a sign that buyers are weak.  Best guess is that they try for the gap again tomorrow in some fashion as it's month's end. A failure to do so, I think, shifts odds greatly to the sellers.

 

Buy Response

Our analysis yesterday was right in sniffing out a quite a few nuances that could lead to a buy response.  They didn't mess around today, a minor low A period look down and then the grind up was on.

But the buyers didn't put much fear into the hearts of sellers either. Volume was down and sediment was neutral extreme.  And a P formation on the profile is not all that exciting for continuation higher, especially in the context of an inside range day.

My highest odds guess for tomorrow is some sort of continued push higher.  The gap is above and a price-sucking void.  But I'm not high confidence and am on watch for sellers.