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BullBear52x wrote:A large gap like today ain't gonna fill today.
Right now, algos are running simulations based on past history of how much gap fill will occur, what the odds are, etc. That's what is causing alot of the minor gyrations this morning that seem so meaningless, but are really just the aggregate of all these algos guessing. Glad you didn't get chewed up, Te Fern!
6th test of this level since 4 AM Eastern. The 7 AM test moved through to 3265 ES, so that looks like the line in the sand for now. My best guess is since the European time zone traders had the big panic attack the bulls need to wait for them to go home in another hour.
Bias is up, maybe waiting for the ema20 to catch up then we'll see.
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SPY, IWM right AT daily VWAP now. QQQ is still a bit above. VWAP can be used by big institutions in their efforts at "price discovery", so it bears watching on an active day like today.