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Intraday Look and Analysis: Withstand the Onslaught

The market has quickly changed from seemingly sliding down towards a crash to becoming short-term overheated.

After this morning’s huge gap higher, there are plenty of traders on your local Twitter stream urging you not to chase here (including me, with my morning analysis of letting the initial dust to settle). Now that we are well into the afternoon portion of the session, looking at the IWM 30-minute chart below we can see a high and tight bull flag emerging.

While it is scary to see such a huge gap left on the chart, if the bulls can continue to withstand the onslaught of faders as well as they have so far, I expect a continued move higher once the 20 period moving average (orange line) catches up to price on the 30-minute below.


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  1. Virtual

    The purpose of the gap up today is to leave the majority who have sidelined themselves, behind, so they get in late. Think: wealth transfer maximization, at every turn. That’s the driving force here.

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