The algos came out hunting longs this morning. They pushed down into the Friday stick save to see if buyers mean business.
So far, the push managed to liquidate some longs, but no real OTF order flow has been motivated by the move. The result? A b-shaped long liquidation profile and a nice, long, pole.
I know you like pole, I do too.
Check it out:
The risk here is the thin nature of the below structure. So if the pole climb starts going south, don’t overly commit to it. CUT IT.
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no sign of buyers yet, drift drift drifting lower on le index
Gave back some of this morning’s NQ drop trying to play a bounce. Pretty bidless thus far. Let’s see if $AAPL is a catalyst. Shorting bounces still looks like the play today.
i ran out this morning trying to grab some VMW calls, and they got me. Rookie mistake like at the start of Hunger Games.
If the lows of the day are taken out tonight then look out below. Volume structure ain’t so great below. Tomorrow could easily be another down 1%+ plus kind of day. /ES with an especially nasty close.
Looking forward to your analysis for tomorrow.
QCI, please, drop by more, I like hearing from you