The price action for the day looks very bullish.
Today there was news about a downed Russian plane, and the market gapped down.
But oddly, the market made a strong move up through the day closing above the open.
However I'm going to try to use my volume analysis skills to use, and I see "somewhat" a different story.
I'm not sure if the first 15 move up is an anomaly, the volume doesn't look that high, and it was a strong move higher.
However at 8 there was a large move up with low volume, then an even larger move at 8:15 with avg volume, and then a small move closing at half the spread (a long top wick) with extreme volume.
The volume doesn't match the price action in all 3 moves, so this should be considered an anomaly. Prices are forced higher to sell at a higher price range.
However prices continued to climb higher, and then in the last 45 minutes we see increasing volume with the down moves.
I'm not sure how to read this.
In a bullish point of view, this looks like stopping volume. The last 2 have long bottom wicks. The volume for the 2nd to last candle is higher than the first, but spread is tiny. Same for the last candle.
However in a bearish point of view, the long wicks with increasing volume are the potential moves down. It shows there are large numbers of sellers available. In the end of accumulation, they would be tests of no supply, and the increasing volume showed there is supply, thus the test would fail.
I may be biased because I have existing short positions, but the move up at 8:00-8:45 looks like an anomaly, a forced price increase, and the last hours 12:15-1pm is a hint of supply waiting to be distributed.
Today there was news about a downed Russian plane, and the market gapped down.
But oddly, the market made a strong move up through the day closing above the open.
However I'm going to try to use my volume analysis skills to use, and I see "somewhat" a different story.
I'm not sure if the first 15 move up is an anomaly, the volume doesn't look that high, and it was a strong move higher.
However at 8 there was a large move up with low volume, then an even larger move at 8:15 with avg volume, and then a small move closing at half the spread (a long top wick) with extreme volume.
The volume doesn't match the price action in all 3 moves, so this should be considered an anomaly. Prices are forced higher to sell at a higher price range.
However prices continued to climb higher, and then in the last 45 minutes we see increasing volume with the down moves.
I'm not sure how to read this.
In a bullish point of view, this looks like stopping volume. The last 2 have long bottom wicks. The volume for the 2nd to last candle is higher than the first, but spread is tiny. Same for the last candle.
However in a bearish point of view, the long wicks with increasing volume are the potential moves down. It shows there are large numbers of sellers available. In the end of accumulation, they would be tests of no supply, and the increasing volume showed there is supply, thus the test would fail.
I may be biased because I have existing short positions, but the move up at 8:00-8:45 looks like an anomaly, a forced price increase, and the last hours 12:15-1pm is a hint of supply waiting to be distributed.