Yesterday, we had quite an unusual intraday pattern considering we were not grossly oversold. Usually, when you have a gap down and selloff down 20 handles in the middle of the day and the previous day was flat, the market can't rally much for the rest of the day. But we had a huge face ripper as if the previous day was a big selloff and we were extremely oversold. We weren't.
And today, I expected the initial pullback off the gap up and then a run higher into the lunch time hours to set up a weak close. But the run up died out within 30 minutes shy of the overnight highs and we are hitting new intraday lows. It seems the algos are anticipating future moves so far ahead that they are taking the markets to their price targets ahead of time.
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5 comments:
so where does that leave us for Friday and next week?
Depends on the close today. But if we close around 1313, I expect a down day Friday.
old news. all patterns are now faster. some in seconds that used to take an hour.
glad you caught on.
Right, a 1 hour move compressed into seconds. Sure Mr. HFT. Then the trading session would only need to last 1 minute, no need for 6 1/2 hours. LOL.
If we close near the flat line or slightly down we should gap up tomorrow then sell off.
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