Well… I don’t know. From these 5min charts however, the SPX sold off to wedge lows from Friday, while SML was bought long before touching wedge line. This of course shows strength.
I don’t like these kinds of weak morning selloffs followed by “strength” the rest of the day. To me it is total bullshit – but that is how Mr. Market is right now – he is indeed a psychotic friend. I think his mood will change though, it just takes some time.
Today I bought some nice running shoes. Getting ready to kick the price action right back down where it belongs!
EDIT: SML keep posting new highs. SPX stuck at 61% retrace from open high. The SPX is of course leading – SML only moves in the extremes of the perceived market direction – hence it is a good trend indicator.
Update: It seems we are selling again. SML put in a new high. Gold is selling, about –1% at the moment, but is possibly putting in an inverse head and shoulders pattern.
UPDATE: 20.50:
So now SPX is moving up, but SML is lagging behind – actually the SML seems to be posting a bearish wedge… It could seem that the traders have changed sentiment?
And more importantly, you got to use those shoes at our run today! You pretty much ran the entire way, so the shoes must've been good! haha :p
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