I think of weeks like these as crucibles. Gauntlets. Where you have to strap in, grit your teeth, clench your fists and hopefully come through the other side with as little blood on you as possible. And with that, we haven't had a week with as much market moving potential like this in a long time.
Plunge protection team was there standing by in pre market and at open to give us our first whipsaw of the day. With the invalidation of that break that should have (or could have) been a lot deeper to get us back into the this morning across all markets. They came out of the gate swinging with IWM and QQQ leading. Odd bunch, right? After they get us back to the breakout area they restest a few times and then actually come down and retest the uptrend line, it holds and we essentially just melted up on absolutely horrible until the press release where we saw the ritualistic EKG price movement and then as soon as Jpow took the stand the algos or whoever applauded him with enough to break the trendline (Thanks daddy Jpow!!). Enter whipsaw #2. We get about 15 mins into the press conference and we have a complete retrace of that entire move plus some taking us back into the and to the uptrend line, that holds. Enter whipsaw #3. We then have ANOTHER counter move that retraces that whipsaw with a full counter move and then some. Duck, dive, dodge, duck.