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Targets for today. I have re-loaded the new version of Ninja Trader. If anything isn't clear just send me a message and I will explain what I have up. The two boxes at the bottom are relative range and relative volume. You can see that volume is back to the 40 day average but range is still elevated.
bears probably was over for today. still seems the old days are back, the market simply refuse any pullbacks even it's temporary.
Attachments
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Opening range broken in both directions. Overnight low tested and held an hour and a half ago but the upward bias, as we have seen so many times before, didn't really kick in until after the European close.
Tin foil hat theory- the bots don't want to lift the market until that extra 10% or so of volume coming in from Europe goes away, in fact the steady upward drift seems to happen during the lowest volume part of the day.
If the market takes off for new highs before the US Treasury finishes it's massive funding program then pension funds will be dumping equities and buying bonds to re balance. If the equity market plunges and bonds hold, then the opposite, so the logic follows that the Fed and the Treasury both need steady to up moving equity markets. The 10 or so direct Fed auction participant money center banks (several of which are of course the primary owners of the Federal Reserve) are contractually obligated to be the buyers of last resort at each and every Treasury auction.
If you can't write two paragraphs about a conspiracy to prop the markets based on the above information NO CREDIT FOR YOU!