No selling but very little buying of SIF's. The overnight gap on 5/17 - 5/18 hasn't filled yet. Looks very similar to the end of December 04' just before drop on 1st trading day. Once all the money is fully invested it'll get taken down. Mutual fund inflows hit a high last week.
FWIW and...
Another example of the many ways lines can be drawn.
The one point to note is the LACK of appreciable selling since the pivot low on 5/13. There is a 6 hour low line drawn on the chart to demonstrate.
COT data and specialist data confirm. This is what lack of selling looks like. This...
I think to establish the chart above other "Filters" are needed.
1) One tick "exploration" of new high territory at pre-open and open sold pretty hard by profit takers for the strong week.
2) Upside volume just dropped off in minutes (seconds?) at open ---- intraday bulltrap.
3)...
Exactly.
The small graduated steps are buying without contra selling. Just sits and chops after the push higher but then somebody realizes it ain't going down and another step up, chop, repeat.
Strong uptrend barely touched RH side of channel before resuming uptrend. But uptrend lost some velocity today.
Squeaked small profits today, a little tricky.