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Raul3

I turn dials and fiddle with knobs to hone in on harmonic rotations

We have a real mess on our hands

First off shout-out to all the hard working lads doing their best to clean up the damage caused by mother nature these last few weeks. Lots of water been falling from the sky. Mamma mia.

Next a quick note on the metaverse. These heckin’ NFT speculators are some of the most deranged gamblers I’ve met to date. How, in their minds, they expect to ‘flip’ these jpegs in a matter of days. The spreads on these things are as wide as the soo locks and not nearly as liquid as, the…soo locks.  Years. Think in years and choose the jpegs you want to stare at, for years, accordingly.

Moving on.

I’ve held the bag on Twitter since IPO. You hear me? Almost a decade. I still have shares that I bought in late 20’o’13 for about the same price they’re trading at today. I’ve been buying more and more Twitter along the way.

I live like a pauper.

Diamond hands.

Get the fuck outta here.

I’m stupid.

But I’ve always been addicted to Twitter. Last week they settled an old dispute dating back to the legacy executive team. Folks I’d nearly forgotten about old Dicky Costello. What sort of a name is that? Why did I invest in someone named after a penis and an Elvis impersonator?

Do you see how stupid I am?

And yet you read my diary. Hopefully for your own benefit. I like to think there’s some wisdom in these entries. Or at least affordable entertainment.

$810 million dollars. That’s how much the Twitter settlement was for.

A few days prior that jack-off Goldman Sachs banker downgraded Twitter to sell with a piker mother fucking price target of $60 when it was trading at like $63 like bitch? What kind of soft-handed tomfoolery is that?

We faded it.

Then the $810 million dollar settlement news hit. Oh and the news wires really played it up that morning. Big numbers are good for clicks. But the news man doesn’t understand that it was a fiat number and we’re transitioning away from a time when fiat number matters. What matters today is attention and keeping up with the internet.

JACKED DORSEY. Now that’s a name worth investing in.

The all mighty internet. Undefeated it is.

So Twitter rallied despite a cycle of negative news. So maybe my decade old bag of Twitter shares might return some meaningful gains soon.

We don’t know.

Do I deserve gains? I deserve nothing. I deserve to work while I can and then accept when I cannot.

Right now my mind is sharp, muscles strong and my fortitude is steeled.

***One last note***

We’re coming into the week with our signals crossed. IndexModel is bearish. Stocklabs is bullish. Too messy for me to press my edge aggressively. Trading will be light all week.

Month-end is all messy too. All ending on a Thursday. That’s not a good look. I like months to end on Fridays or Sundays like an american dammit. They’re not even releasing nonfarm payroll data Friday. Like they normally do on the first Friday of a month. And you can be sure OPEX will sneak up on us all willy nilly.

So we have a real mess on our hands, data-wise.

At least we’ll put this retched month in the books and press headlong into spooky season.

Okay for now.

Raul Santos, September 26th 2021

And now for the 357th edition of Strategy Session. Enjoy


Stocklabs Strategy Session: 09/27/21 – 10/01/21

I. Executive Summary

Raul’s bias score 3.30, medium bull*. Sellers pressure the tape most of the week. Then look for Thursday morning GDP and jobless claims data to pivot the tape higher into month-end.

*Rose colored sunglasses [RCS] bearish bias triggered, see Section V

II. RECAP OF THE ACTION

Major gap down Monday across the board. The rest of the week saw price steadily claw back the weekend losses and the week concluded with price at the weekly highs.

The last week performance of each major index is shown below:

Rotational Report:

Board sector strength though leadership from the Financials is not ideal. Energy continues to trade independently from the overall market. Utilities lagged along with Staples.

slightly bullish

For the week, the performance of each sector can be seen below:

Concentrated Money Flows:

Money flows skewed slightly positive though neither side of the ledger is populated with important industry groups. Four weeks back we had a major positive skew that has not been out done yet.

slightly bullish

Here are this week’s results:

III. Stocklabs ACADEMY

Signals crossed

My edge is diminished heading into month-end. Stocklabs kicked off a bullish overbought cycle Thursday but IndexModel is flagging Rose Colored Sunglasses bearish on the upcoming week. When the systems I use to generate a directional bias cross I do not carry the necessary conviction to trade with full size. Or the conviction to press directional bets like I need to to be profitable.

Therefore I will still be around this week but trading will be light.

I will look for open gaps inside the prior day’s range to fill and will scalp price levels from the morning trading reports.

Note: The next two sections are auction theory.

What is The Market Trying To Do?

Week ended searching for sellers

IV. THE WEEK AHEAD

What is The Market Likely To Do from Here?

Weekly forecast:

Sellers pressure the tape most of the week. Then look for Thursday morning GDP and jobless claims data to pivot the tape higher into month-end.

Bias Book:

Here are the bias trades and price levels for this week:

Here are last week’s bias trade results:

Bias Book Performance [11/17/2014-Present]:

Semiconductors compressing and rallying

Markets fluctuate between two states—balance and discovery.  Discovery is an explosive directional move and can last for months.  In theory, the longer the compression leading up to a break, the more order flow energy to push the discovery phase.

We are monitoring two instruments, the Nasdaq Transportation Index and the PHLX Semiconductor Index.

Transports still holding range.

See below:

Semiconductors are sort of forming a rising wedge as price continues to hold record highs. Historically this type of chart pattern eventually resolves with a strong blow-off rally to the upside. For now, as we can see, discovery up continues.

V. INDEX MODEL

Bias model is signaling Rose Colored Sunglasses [RCS] bearish. It was neutral the prior two weeks after being Rose Colored Sunglasses [RCS] bearish three weeks back after being neutral four reports back and Rose Colored Sunglasses bearish for the two consecutive weeks prior to that.

We had a Bunker Buster thirty weeks ago.

RCS calls for sellers to work prices lower all week. There has been an interesting cluster of bearish signals coming out of the index model lately. Definitely grounds for being cautious.

Here is the current spread:

VI. Twelve Month Technical Oversold

On Friday, September 10th Stocklabs went technical oversold on the 12-month algorithm. This signal has bearish statistics. The cycle ran through Friday, September 24th end of day. Here is the final performance of each major index during the cycle:

VII. Six Month Hybrid Overbought

On Thursday, September 23rd  Stocklabs went overbought on the 6-month algorithm. This is a bullish cycle that runs until Thursday, October 7th end-of-day. Here is the performance of each major index so far:

VIII. QUOTE OF THE WEEK:

“Art depends on luck and talent.” – Francis Ford Coppola

Trade simple, do the work

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NASDAQ erases yesterday’s gains overnight // here is Friday trading plan

NASDAQ futures are coming into the final Friday in September down about -115 after an overnight session featuring extreme range and volume. Price was balanced overnight, balancing along the upper half of Thursday’s range until about 3am New York when a steady selling campaign began. Said selling continues, and as we approach opening bell price is hovering along the Thursday low.

On the economic calendar today we have new home sales along with Powell speaking at 10am.

Yesterday we printed a normal variation up. The day began with a gap up in range and after a brief open two-way auction buyers stepped in and drove higher, pressing up through the 15,300 century mark ahead of lunch and then price consolidated through lunch before making a second push higher in the afternoon. The second push made a new high but sort of fizzled off the highs into the close.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up at 15,309 before two way trade ensues.

Hypo 2 sellers gap-and-go lower, taking out 15,150 early on and sustaining trade below to set up a move down to 15,100.

Hypo 3 stronger sellers trade down to 15,004.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ extends Fed gains // here is Thursday trading plan

NASDAQ futures are coming into Thursday gap up after an overnight session featuring extreme range and volume. Price was balanced overnight, balancing along the upper quadrant of Wednesday’s range until about 3:30am when buyers pressed up beyond the Wednesday range and briefly trade back up into last week’s low. Since then price has drifted lower. Then at 8:30am jobless claims data came out lower than expected and as we approach cash open price is hovering up beyond the Wednesday high.

Also on the economic calendar today we have 4- and 8-week T-bill auctions at 11:30am followed by a 10-year TIPS auction at 1pm.

Yesterday we printed a double distribution trend up. The day began with a slight gap up in range. Sellers made a quick move on the open to resolve the gap but were met by strong responsive buyers before they could do so. Said buyers managed to work price up through the Monday/Tuesday highs and tag the 15,200 century mark. Then we drifted back to the daily midpoint and awaited the FOMC announcement.

The Feds left their benchmark borrowing rate unchanged but opened the door for a rate hike at the next meeting. Here are some other key take aways from the announcement:

 

Third reaction to the information was up. And after making a new daily high price spiked back down to the daily mid. Buyers held the mid and we ended the day in the upper quadrant.

Heading into today my primary expectation is for buyers to reject a move back into Wednesday high 15,227 setting up a move up through overnight high 15,310. Look for sellers up at 15,344.50 and for two way trade to ensue.

Hypo 2 sellers recapture Wednesday high 15,227 and sustain trade below it setting up a move down through overnight low 15,165.25. Look for buyers just below at 15,150 and for two way trade to ensue.

Hypo 3 stronger sellers work to resolve the Tuesday gap down at 14,982.50 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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Fed day // here is Wednesday NASDAQ trading plan

NASDAQ futures are coming into Wednesday with a slight gap up after an overnight session featuring extreme range and volume. Price was balanced overnight, balancing along the Tuesday midpoint after briefly exceeding the Tuesday low early in the Globex session. As we approach cash open price is hovering above the Tuesday midpoint.

On the economic calendar today we have existing home sales at 10am, crude oil inventories at 10:30am, a 2-year frn note auction at 11:30am, then at 2pm we have the FOMC announcement followed by a 2:30pm press conference.

The CME fed fund futures are currently pricing a 100% probability rates the benchmark Fed borrowing rate will remain unchanged.

Yesterday we printed a normal variation down. The day began with a gap up in range. After a brief open-two-way auction buyers made a push higher. Said buyers failed to take out the Monday high. Sellers stepped in and closed the overnight gap and into an early range extension down. Responsive buyers were active at the Monday close and worked price back up through the daily mid but could not sustain price above the mid after New York lunch. Buyers made an afternoon attempt at pressing into a neutral print but stalled out before taking out the daily high. Sellers were active during the settlement pushing price back down to the daily low but never exceeding it.

On the whole we printed an inside day.

Heading into today my primary expectation is for buyers to gap and go up through 15,100 on their way to tagging 15,200. Then look for third reaction to the FOMC announcement to dictate direction into the close.

Hypo 2 sellers work into overnight inventory and close the gap down to 14,982 then continue lower taking out overnight low 14,930.50. Look for buyers down at 14,900. Then look for third reaction to the FOMC announcement to dictate direction into the close.

Hypo 3 stronger buyers trade up to 15,302 resolving the weekend gap. Then look for third reaction to the FOMC announcement to dictate direction into the close.

Levels:

Volume profiles, gaps and measured moves:

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Pro gap down into final full week of September // here is NASDAQ trading plan

NASDAQ futures are coming into the week pro gap down after an overnight session featuring extreme range and volume. Price was balanced overnight, balancing along the lower quadrant of Friday range until about 9pm New York when sellers stepped in and began driving price lower. There was a bit of a two-way battle around 15,200 until about 4am when sellers continued to dominate the tape. And as we approach cash open price is hovering down below 15,100, levels unseen since August 20th.

On the economic calendar today we have housing market index at 10am followed by 3- and 6-month T-bill auctions at 11:30am.

Last week we had choppy volatility that gradually drifted lower while chopping along. Then strong selling action into the weekend. The Russell 2000 was bullish divergent.

The last week performance of each major index is shown below:

On Friday the NASDAQ printed a double distribution trend down. The day began with a gap down in range that sellers drove down into, effectively taking out the the weekly low early in the session and defending attempts back into the Thursday range a bit later in the day. There was a bit of a bounce late in the session but it hardly managed to push through the lower quadrant. Sellers were still active into settlement.

Heading into today my primary expectation is for buyers to work into the overnight inventory, trading up to 15,226.75 before two way trade ensues.

Hypo 2 press down through overnight low 15,048.25 and tag 15,000.

Hypo 3 stronger buyers work up to 15,341.50 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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The work behind every trade

A nice old man I understudied in my early years as a speculator used to say, “the harder I work, the luckier I am.”

He may have stolen (borrowed?) that saying from Mike Jordan or something. I have no idea. It doesn’t matter. Nothing matters, really. See how quickly I go dark?

Nevermind that.

Nothing matters and it’s fine.

Just because something is important to my well being doesn’t mean it matters. I hear dudes work themselves into a fit, full-grown ‘men’ mind you, over the lack of respect they perceive. From women. From kids. From peers.

Like who the fuck are you? And what makes you think you deserve respect?

And why does this perception of respect even matter? The stock market sure as heck won’t respect you.

No speculative market will.

Look at Jim Powell. He heads the Federal Reserve and we care less about him then we do the latest earning’s call from Tim Apple. Jim Biden? You knuckleheads don’t respect the President.

The reality teevee host turned president. I suppose he brainwashed a few cucks into submission.

We’re revolting against the SEC as a society. This agency, for the love of xmas, an overreaching enforcement bureau that does what? Protect the mom and pop investor? Bullshit. They are suppressing your average americans ability to participate in the greatest wealth creation scheme of the last twenty years.

All while Tom Brady is deep dickin’ FTT tokens.

No respect. And that’s okay friend. Dear reader you made it to this here humble Raul blog [hRb]. We know that we can make our way through the world rosy, passing out good mornin’s and giving respect to all sentient beings without any expectation of it in return.

Renunciate yourself from the trapping of modern society child. Cleanse yourself of desire until all that is left is an orb of light, whichever color you choose. That’s it. Then vibe with the waves of the universe.

See how quickly I go psychedelic?

Right then. Let’s reign this journal entry in and send you on your way. How the fuck much can the souped up time machine Fly built point and boop and jingle-guide us along our path? On Friday, September 10th we went technical oversold on the mother algo.

What is our job when this happens? Show of hands…

We go to the stats section. We pull up the stats. We interpret the stats as objectively as one can a number chart, and then we formulate a plan. I wrote about it last week in my diary:

VII. Twelve Month Technical Oversold

On Friday, September 10th Stocklabs went technical oversold on the 12-month algorithm. This signal has bearish statistics. The cycle runs through Friday, September 24th end of day. [added emphasis]

With the 12-month technical oversold you need to broaden the sample set out to ten years have even 25 samples, which is still really a small set but better than like 3 samples.

Okay so 25 samples. Going out to day 3-through-7 it is slightly better than a coin toss (and that’s pretty good, we want to be on the right side of large numbers even if the skew is slight) that the market will be lower. About 58% of the time the signal saw the S&P 500 lower by about -0.13% to -0.34%.

Since September 10th the S&P is down -0.59%. Down slightly more than past performance:

Past performance is not indicative of future returns. But what the heck else are we going to build our decision tree from? Strangers on the internet anon? Real life blowhards on the teevee?

I’d rather use the moon.

And the moon works if you wrap the right risk protocol around it.

Hey man I’m not here to tell you how to speculate. Choose whatever approach fits your sensibilities. For me I like cold, dead, indifferent data. I parse it into groups, I run little statistical analyses, I see probabilities and I write plans based off those probabilities.

When the trades work out. Great. When they fail. Fine. All mine to own.

I don’t need no respect.

I need to be responsible for my actions and a decent human.

Okay for now.

Raul Santos, September 19th 2021

And now the 356th edition of Strategy Session. Enjoy:


Stocklabs Strategy Session: 09/20/21 – 09/24/21

I. Executive Summary

Raul’s bias score 2.70, medium bear. Chop along last week’s low through Tuesday afternoon. Then a pause ahead of the Wednesday afternoon FOMC announcement. Then look for third reaction to the FOMC to dictate direction into the second half of the week.

II. RECAP OF THE ACTION

Choppy volatility that gradually drifted lower while chopping along. Strong selling action into the weekend. The Russell 2000 was bullish divergent.

The last week performance of each major index is shown below:

Rotational Report:

Interesting bullish divergence from Discretionary. Rotations slightly negative on the week but the worst hit sectors are some of the least desirable places to see strength. Energy continues to trade on its own planet.

neutral

For the week, the performance of each sector can be seen below:

Concentrated Money Flows:

Money flows slightly negative after a big bullish skew three weeks back. Not really seeing any important industry groups populating either side of the ledger.

neutral

Here are this week’s results:

III. Stocklabs ACADEMY

Keep an eye on risk

More than a few lads I interact with have expressed frustration with recent market conditions. What we need to be aware of at all times is two things—market behavior can shift at any moment and that is completely beyond our control and secondly the only thing we do have control over is our risk.

Having solid risk management in place is the only thing that will save the independent trader during cold streaks. There is no manger keeping an eye on the independent. The independent is the operator and the manager. No one’s master. No one’s slave. Without the discipline to make a real risk plan, something written down outside the heat of battle, and stuck to with militant dedication, the independent will soon find themselves bust.

Ironically enough, the path to freedom requires discipline.

I do my best to keep it light, even when I want to go dark. All we can do is take it one day at a time. If it feels like I am pushing too hard, forcing, attempting to exert my will on something far greater than me, the market, that is a good indication to step away.

The markets were here long before us, they’ll be here long after we’re gone.

Right now the conditions may not suit a given approach. That is fine. All the big hitters are back on their desks after the summer, ready to make their nut.

Keep in mind who else is participating in the markets we trade. The most sophisticated and resource rich institutions in the world. The only thing we can manage is our own plan and our own risk.

Note: The next two sections are auction theory.

What is The Market Trying To Do?

Week ended searching for buyers

IV. THE WEEK AHEAD

What is The Market Likely To Do from Here?

Weekly forecast:

Chop along last week’s low through Tuesday afternoon. Then a pause ahead of the Wednesday afternoon FOMC announcement. Then look for third reaction to the FOMC to dictate direction into the second half of the week.

Bias Book:

Here are the bias trades and price levels for this week:

Here are last week’s bias trade results:

Bias Book Performance [11/17/2014-Present]:

Semiconductors still telling the whole truth

Markets fluctuate between two states—balance and discovery.  Discovery is an explosive directional move and can last for months.  In theory, the longer the compression leading up to a break, the more order flow energy to push the discovery phase.

We are monitoring two instruments, the Nasdaq Transportation Index and the PHLX Semiconductor Index.

Transports continuing to hold range.

See below:

Semiconductors probed recent highs and sharply reversed. In auction theory this is referred to as a failed auction. They can pivot the market. The longer the duration between the prior swing and the failed test, the more ominous the signal. The instance noted below is a bit less drastic, the prior swing and the failed auction were only 13 trading days apart, but it merits our attention nonetheless.

This index has guided us throughout the entire secular bull run that kicked off back in July 2016. The long term chart is practically bull porn:

Focusing back in. This chart has continued to make higher highs and lows. That could change at any time but for now it is difficult to become overly bearish until we see this index break down.

See below:

V. INDEX MODEL

Bias model is neutral for a second consecutive week after being Rose Colored Sunglasses [RCS] bearish two weeks back after being neutral three reports back and Rose Colored Sunglasses bearish for two consecutive weeks prior to that.

We had a Bunker Buster twenty nine weeks ago.

Neutral heading into next week.

Here is the current spread:

VI. Six Month Hybrid Overbought

On Friday, August 27th  Stocklabs went overbought on the 6-month algorithm. This is a bullish cycle that runs until Monday, September 13th. Here is the performance of each major index so far:

VII. Twelve Month Technical Oversold

On Friday, September 10th Stocklabs went technical oversold on the 12-month algorithm. This signal has bearish statistics. The cycle runs through Friday, September 24th end of day. Here is the performance of each major index so far:

VIII. QUOTE OF THE WEEK:

“When a man cannot choose, he ceases to be a man.” – Stanley Kubrick

Trade simple, make sound choices

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Quad witching is upon us // here is Friday NASDAQ trading plan

NASDAQ futures are coming into Friday with a slight gap down after an overnight session featuring elevated range on elevated volume. Price was balanced overnight, balancing along the upper half of Thursday’s range. As we approach cash open price is hovering about 50 point above the Thursday midpoint.

On the economic calendar today we have consumer sentiment at 10am.

Yesterday we printed a normal variation up. There was a brief range extension down, and one could argue it was a neutral extreme, however the probe below initial balance low came in the moments after 10:30am and was a short duration. The next thing to happen was a strong rally up through the midpoint. Then after basing along the mid for a bit a ramp higher into the afternoon and another ramp higher into the bell that saw price nearly take out the weekly high.

Heading into today my primary expectation is for buyers to press up through overnight high 15,528.25 setting up a tag of 15,571.50.

Hypo 2 stronger buyers rally up to 15,600.

Hypo 3 sellers press down through overnight low 15,458.25 on their way to tagging 15,400.

Levels:

Volume profiles, gaps and measured moves:

Comments »

Gap down in range ;-) here is Thursday NASDAQ trading plan

NASDAQ futures are coming into Thursday with a slight gap down after an overnight session featuring elevated range and volume. Price drifted lower overnight, drifting down near yesterday’s open. At 8:30am the economic data came out about as ideal as bulls want to see—jobless claims worse than expected, Philadelphia Fed data much better than expected and retail sales data stronger than expected. As we approach cash open price is hovering about +50 point above the Wednesday midpoint.

Also on the economic calendar today we have business inventories at 10am followed by 4- and 8-week T-bill auctions at 11:30am.

Yesterday we printed a double distribution trend up. The day began with a slight gap up. After an open test higher sellers stepped in and worked price down through the weekly low. Price bottomed out before going range extension down, just after 10:30am. Initial test back to the midpoint was defended by sellers, but midway through New York lunch a second buy pushed through the mid and triggered a rally. Price made new high-of-day before 1pm and continued to rally up into the closing bell. We did not exceed the Tuesday high.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 15,499.75 before two way trade ensues.

Hypo 2 stronger buyers trade up to 15,571.50 before two way trade ensues.

Hypo 3 sellers press down through overnight low 15,433 and tag 15,400 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

Comments »

NASDAQ drifts into Wednesday slightly gap up // here is trading plan

NASDAQ futures are coming into Wednesday gap up after an overnight session featuring elevated range and volume. Price was balanced overnight, balancing along the bottom-side of the Tuesday midpoint. As we approach cash open price is hovering down below the Wednesday midpoint.

On the economic calendar today we have industrial production at 9:15am followed by crude oil inventories at 10:30am.

Yesterday we printed a double distribution trend down. The day began with a gap up in range. The gap was up into a conviction selling zone printed Monday and after a brief open-test higher sellers stepped in and defended their region. Said selling worked the overnight gap shut and pressed beyond it before finding some responsive buyers in the lower quadrant of Monday’s range. Said buyers shot price up through the daily midpoint a bit before an excess high formed and sellers reclaimed the mid. Selling continued into the late afternoon but did not quite exceed the Tuesday low. Instead there was a bit of a ramp higher into settlement.

Heading into today my primary expectation is for buyers to press higher on the open, pressing up through overnight high 15,434 on their way to tagging 15,500.

Hypo 2 stronger buyers tag 15,571.50 before two way trade ensues.

Hypo 3 sellers work into the overnight inventory and close the gap down to 15,398.75. Sellers continue lower, tagging 15,328.

Levels:

Volume profiles, gaps and measured moves:

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Bulls react positively to cooler-than-expected CPI data // here is Tuesday NASDAQ trading plan

NASDAQ futures are coming into the second day of the first full trading week of September with a slight gap up after an overnight session featuring extreme range and volume. Price was balanced overnight, balancing along the bottom-side of Monday’s midpoint until 8:30 CPI data introduced some buyers. CPI data came in a bit below expectations and investors reacted with buyer orders that worked price up to 15,500 which is still well within the Monday range. As we approach cash open price is hovering around 15,00.

There are no other economic events scheduled for today.

Yesterday we printed a double distribution trend down that kind of also resembles a normal variation down. The day began with a gap up in range. After a brief open two-way auction sellers stepped in and drove price lower, effectively closing the overnight gap and continuing down through the Friday low. Sellers worked down into the Friday 08/27 range before any responsive buyers appeared. Price then chopped along the lows for the rest of the session, making little new lows along the way and pinning the value point of control down near the lows but eventually closing back near the daily midpoint. The day structure resembles a lowercase letter-b shape indicating a long liquidation.

Heading into today my primary expectation is for buyers to continue the buying campaign spurred on by CPI data. Look for buyers to claim 15,500 and sustain trade above it early on setting up a run to 15,571.50.

Hypo 2 sellers to work into the overnight inventory and close the gap down to 15,439.50. Look for buyers below at 15,400 and for two way trade to ensue.

Hypo 3 stronger sellers trigger a liquidation down to 15,311.75.

Levels:

Volume profiles, gaps and measured moves:

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