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The D1 and H4 charts show a divergence on MACD and RSI. The H1 and M30 are losing momentum with increasing speed. It looks like its up to the M5 today to set the pace for the higher time frames. This could be a momentum changer. We will have to see the closing auction today between 3-4. The price action during the last hour today might provide some insight.
Will institutions bid up the last hour like yesterday or will they sell the auction close?
Will institutions bid up the last hour like yesterday or will they sell the auction close?
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The market is getting interesting. It has hit key technical points in succession. The yellow horizontal is yesterdays close. The red horizontal is yesterdays low. The white line is VWAP.
The opening hour pinned around yesterdays close. Then, the market sells to yesterdays low, mean reverts to VWAP while also piercing VWAP and touching yesterdays close. It then sells off again and double bottoms on yesterdays lows. It mean reverts a second time to VWAP. This coiling around VWAP between the close and low of yesterday might portend some strong directional price action between 3-4. I hope so!
The opening hour pinned around yesterdays close. Then, the market sells to yesterdays low, mean reverts to VWAP while also piercing VWAP and touching yesterdays close. It then sells off again and double bottoms on yesterdays lows. It mean reverts a second time to VWAP. This coiling around VWAP between the close and low of yesterday might portend some strong directional price action between 3-4. I hope so!
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