Starting it off.

Then right back down! Look at this lunacy.

5.50 point initial hourly range. Very tight.

Was all that because they are going to take this down hard? I'm wondering if that's it?

Note the obvious TL and the slightly upsloping SL right below.

I'm getting the willies again. What if this is how the market trades all the time? What if all that splendor I railed against caused by the machines, the 20, 30, 40 point and more swings in smooth trends, multiple times per day, is now gone? And this was all there was? I'm thinking about it and doing that thing where you shake your head shoulders and kind of shiver and make an awful noise...

see how they bought the .886?? could give the bounce to set up next short...

Originally posted by jimkane

Nice GDX charts, rat.

the btd crowd is looking at +divergence on spy on the 5 minute....as usual, looking the wrong way, in the wrong time frame

a look at the dailies – spx, spy, and upro



red box on spy captures the range of .886 rt from the various prior highs:



slippage over time allows for spx and spy to hit median line targets and fibs, with upro often (and potentially here) hitting fib but not median line targets (or in general, some form of undershoot on the long side moves)

Obvious TL hit.

Let's see if they just wanted to take it under this TL, or more. Watch the SL here as the catch line for the push through the TL. If that gives way this should swooooooooooooooosh down.

Pound spot is 70 pips down from yesterday HOD.