Extreme bullish move previous week, gapped up due to overwhelming demand caused by the bullish sentiment.
It would appear the buying channel is still catching up, aka the flow of buyers driving demand is lagging the gap up along with the derivatives market.
Would not be surprised if we push higher, fomo is kicking in and likely those on the short side will further drive demand to cover both derivatives & equity.
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Very strong bounce from the bottom of the day. Bottom of the day looks to be where the lagging pool of buyers are. Second bottom higher appears to confirm this flow of demand, potentially re-engaging the bullish trend.