Whatever the opinion as to why things are the way they are, it is quite a beautiful bull run just looking at the technical perspective.
Though it doesn't feel like it, momentum still isn't increasing.
But can you believe it? Volume is confirming the advance! Imagine that!
The first impulse up we had today completed measured move out of an inverted roof pattern. Notice on the 30-min. chart below how the momentum indicator forms a rounded reversal as price tagged the 50-EMA on Monday combined with a bullish momentum divergence.
Price congested today where? Right around my resistance pivot level! (red horizontal red line).
On the intra-day time frame we saw price gap up on weak TICK where a retracement found support right at the PDC. The opening range high acted as fantastic support (Resistance becomes Support). Those extreme TICK's in the morning where not to be ignored.
A hint that today was going to be a big day (in one direction or another)?? We had really large 30-min Total NYSE volume reading. Telling us that there were those larger time frame players coming into the market.
No comments:
Post a Comment