Up it Goes!

Fed day.

Programs rinsed out to new highs as expected.

Slight failure back into the range but that's it.

The expected action will be higher until proven differently.

I love my blog.  You just can't make this stuff up!

Buying Day

Well what do you know? Pretty darn close to a true trend day, but not quite.

Structure really foretold this move today, and the buyers really dog piled just before 9 o'clock as price pulled back to the VWAP.

Price has high odds of balance for tomorrow, but it looks like the grind is on back to highs unless some negative news comes in.

Smelling A Reversal

Yesterday we spoke about how we expected a buying response today.

Despite the early session highs unable to mount any sufficient move higher, the real key once again was the minor low reversal 1st hour of Friday's range lows.

And when price explored down towards the range lows at 9 o'clock and reversed, it was even more crystal clear that sellers were not in the house.

When price explored back down near range lows once again at 11 o'clock, a picture-perfect reversal ensued.

Once again all of our 3 major time zones created programmed reversals. 1st hour, 9 o'clock, 11 o'clock.

Some key momentum stocks got creamed today, and it really didn't matter. At least for today.

If it wasn't for the underlying damage in these high flyers today I'd be all over calling for a high confidence push harder tomorrow. This diverged metric always lessens my confidence.

A Bit of Selling

Very interesting trading day intraday. The sellers managed to pull a rabbit out of the hat and pulled off a rather decent grinder down. It was low confidence, mind you, but the traditional reversal zones were just rolled through.

Based upon structure, we were high-confidence that it was not going to be a ceaseless trend a down once the morning range was broken.

But they took it farther down than my stops could take, thus it was a learning day for me.

We are going to go through the slides on an intraday basis, because today is one of those days to firmly analyze and learn from.

And we will also take a look at some of the monthly charts of the bonds, gold and oil to see what's going on in a macro-sense.

Intra-day Action:

Sellers Bitch-Whipped Again

Rollover day today and the market just balanced with an upside trend. Sort of a hybrid checkmark day.

There were multiple trades that were respectable today. 1) the c period minor low just before 8 o'clock. 2) the 9: 30 gap fill reversal. 3) the pull back to the VWAP and value area low right at 11 o'clock.

Of all of these 3 trades the 11 o'clock trade gets my vote as the trade of the day. This market just has no sellers in it and once it starts grinding there are just not enough longs in the market to shift inventory out of balance for an afternoon pullback.

So for tomorrow we maintain our bullish bias and expect the buyers to come in once again.

Perfect Minor Low

I'm thinking that today's minor low of the prior day session could almost garner trade of the year. We feature a special intraday slide to chronicle such edge.

What unfolded was a perfect bull market checkmark day after the reversal took hold. With the inventory short, when this structure prints, watch out.

We are thinking that the buyers will have their way again tomorrow, that is, unless the upper channel trendline gets sold.

Apple Day

The world has changed: Now apple announcement days move the market more wild than Fed announcements.

The 11:00 HOD reversal almost seemed like a Fed day.

The daily range was breached in an intraday double distribution breakdown lower.

But it failed to garner any real interest, stalled, and reversed higher into the close.

But the range is broken, and it's the sellers game to lose.  Without seller extension, the responsive short covering will thrust price back up into the range.