But that's not exactly what the market did today, at least in the major stock indexes. But it's definitely pending verification. It's more correctly a . And today we saw one in the entire broader market.
What a day huh? Metals traders woke up to the Claymore Roomba as they went go take their morning pee and it was increasingly wild as the day went on with major candles on all the major indexes and fuck you candles™ on gold and silver .
With all of my rhetoric aside today looked more technical than anything. We were overextended on the chart. Yes this is happening at key points on the chart but as far as i can see there is no catalyst. Well, that is unless you want to to use (insert one of the 25 major issues going on in the world that should affect the market here). But this is just the market saying "Ok, that was far enough." People are going to try and pin it on this, and pin it on that but let's be real. The rally was overdone. Particularly in gold and silver . The buy everything rally just turned into the sell everything rally. Which should worry you.
Alright so today we got the gap up because "Might as well go up." But suspiciously enough they had given up gapping us up above the last gap.. Holy shit, i just remembered we filled the last gap today...
Alright, back on track... After we tried to get back above the top of gap area for support they ended up giving it up and for good measure filling both the same day gap, and the gap from Feb. Efficiency. Maybe a 2fer. And they immediately traded us away from that level getting us back above support and making a marginal new high and then reversing slightly, reversing again with a lower low and a lower high and creating another ascending . This is where it gets funky. At about 1:20ish we had a huge pump of into SPY from nowhere that looked like it was an algo pump. But it wasn't. There was no move. And from then on we bled back to support and then tried to keep our heads above water. But right after 14:00 you can see the buyer support just poof. You can tell it was a trap door because it started on low . Meaning it didn't take much to overcome the buyers, and that's a pretty nasty 5m candle. The buy the dip crew was in the trenches the entire day being aggressive as they have been recently and you could literally see them get ran over candle after candle. They tried to bounce us at the bottom of the intraday channel we had but again they got ran over and from then on it was bears in the drivers seat singing bear songs as they stepped on bulls trying to buy this move the entire way down.