the pullback may indicate the best bears can have today is just a range.
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Bears are annoyingly very weak. You just don't see the smooth price action with bears like you see when bulls are in control. When it comes to bears, it is always back-and-fill. Rarely do you see a smooth steady drop on bearish days like you see on bullish days. Bearish days are constantly being interrupted with crazy big bounces. Unbelievable!
Never ever forget that this is not an equal race. The strongest stocks in the strongest sector have almost a trillion dollars (according to Goldman) that they are using to prop up the price of their shares. I make fun of Cook and the boys but it is graveyard humor on my part. The reality is you are seeing the effects of that money being deployed with the sole purpose of increasing the price of the stock.
But we saw in the first quarter that when the tide goes out buybacks aren't enough. For now the bears are playing conservative and saving themselves for what is coming. The Fed has never ever succeeded at what they are doing without crashing the economy. Seeing how it is an institution run by a committee then there is no reason to expect a different outcome this time. You know the Einstein quote.
When the Fed succeeds in bringing everything crashing down the top executives and the board members who are approving long term debt for buybacks will walk away rich. It is everybody else that will pay the price when their company turns into a smoking wreck for the asset strippers. I have seen it twice where I live and it wasn't nearly as blatant as in today's world.
The bar statistics grid is color coded. From top to bottom
Trades
Volume
Buy Volume
Sell Volume
Delta Bar
Delta %
Cum Delta
Min Delta
Max delta
Delta Change.
The lines on that chart are a 20 EMA solid cyan, RTH session VWAP red and blue dash dot, RTH median price turquoise and dark red dash dot. Horizontal dotted lines in grey blue, gold and grey blue with a value on the far right are the POC and 70% value range for the days volume profile.
This is a fun toy with a lot of settings. Try it out for free, but the background order book only works in real time.
Range day till Range breaks. I'm going to guess BEARISH as chickens take what profit is left into the weekend, we haven't had a TARIFF tweet from fat Trump in a bit, so I can guess something right after the close could happen.
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You can see the four big red candles where sellers crossed the bid ask, and corresponding big red circles for large lots of 30 contracts selling. You can see the buyers getting in line at the EMA. If this was due to China news then it will probably be retraced before the close. But I think Turkey complicates things.
IF you don't trade futures it is first come first served and in a thin market your limit order can easily not fill. Your market order can get what is politely called a toxic fill.
IWM is holding above its 15min 200ema. This rising MA has not been breached for more than an hour for many days. The level would be ca. 167.50 and price is currently just above that.
From Coolbiz on twitter half hour ago
SPX has completed 1st leg down to 2828.58 from 2863.43. -35 points, expect a retrace to 2845-2850 area by Monday. Was an awesome day in ES shorts and SPX 2850 puts, multiple trades.
11:11 AM - 10 Aug 2018
and 12 minutes ago-
appears to need another lower low yet?
QQQ holding at around -1% on the day. NYSE up/down vol and a/d breadth is steadily quite bearish. Intraday momentum trackers show mild downtrend readings.
No way would I hold long over the weekend until Turkey gets resolved. Could be like the Greek crisis with Central Bank pressers on Sunday nights sparking straight up moves with gap and go in New York followed by steady selling. Or, the good old days.