Capitulation means that unrealized paper loses from short trades
made from last weeks low at 2722 and up
were covered in mass today on the breakout to 2830 high.
Chande showh here,shows the intra-day peak in momentum
and then the immediate sell off, simply showing that today's rally
has been a short covering excercise, of traders who had enough pain and simply wanted out.
Today's breakout to new 2019 highs,
can thus potentially be labelled as a" Exhaustion/Terminal Breakout Failure
to set up a potentially significant downside reversal in the markets, next week.
SPX Last 2823.90
Thanks for the excellent observations/confirming evidence..
Good to see you again.