The S&P opened lower and traded up to its 15-min 20-ema. then formed balance at 1509.25 with low 5-min ADX (a coil). It broke out of this coil to the upside and trended up for the remainder of the day.
NQ formed its
POC at 1919.00 and closed on a price spike to 34.50.
Will 'value' migrate up to price or was it just a 'price spike' which will form value significantly lower than 34.50 on Monday?
There is 'Pinball Sell' pressure as per Rashke concept given todays high close. See the 'Street Smarts' book for the concept.
There is a tendency to return to previous sessions
POC which suggests a good flush down on Monday. As always, there is a very strong tendency to touch the 15-min, 20-ema.
That said, the trending nature of the afternoon with strong close suggests that the near-term 'up auction' may not be over quite yet.
For Monday, I will look for opportunities to short if suspect that the 'high is made first' -- for a play back towards the 15-min EMA and/or to go test the previous day
POC. As always, I will remain flexible in the case of a strong trending environment to the upside. Was Friday morning the climax in the bearish bond market move? Sure looks like an 'excess low' could have formed as responsive buyers rejected the lower price (higher yield). Of course, its is quite possible some other shoe could drop to cause the next leg of downside in the equity markets? I don't really care, so long as we get some nice swings along the way.
cheers
comments appreciated