Here follows today's SPX 5 min. chart:
Tomorrow's pattern is the one with an early low and a late high.
From the early opening low (does not mean we won't gap up first) we rally up to a high at around 12 / 12:30 pm.
Then a short rally to a high at 1 / 1:30 pm followed by decline to 2:30 / 3 pm so a rally to higher closing price.
Well... we got that, an early low and a late high (not considering the last 5 min. trading)
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3 comments:
In a normal market it would have been a big big sell day but as we see the force of bullishness is quite visible. I dont know how can we interpret sell in may kind of idea now when its already super high. In past few years they have rallied from around early may but this time if it works it should sell but then may be they will still try take it back up but if we do not see any selling early next week and consequent week it may never sell.
Surprise is that vix which is already super low only rose for 2 days and at last hours it became a doji and today its falling like crazy back to lows of 12.60 This means big investors have no fear and they are apparently buying
The exit door for profit taking will be very narrow the day everybody wish to get out at the same time....
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