For all the talk about manipulation and PPT and other matters that we have no control over and thus are irrelevant to our trading, clearly the bulls were in control early on, and despite the massive downtrend, look at the 240m chart attached and see if that doesn't at least give some objective basis for the possibility of a late day rally? This is how the market looked at 12:30pm NY time. Strong vol, off of prior support (the red line) from early august.
After we stalled out in the upper 90's, price meandered down all afternoon, and buyers were willing to buy back the dips. Hardly convincing for shorts, though of course with the massive down trend in the background, short was definitely the higher probability direction. The VAL at the time of the move up was around 74-75, and after we broke north of 90, it was clear the bulls were mounting a late day rally. After taking one trade this morning I left the house at 1:15pm which I do every Tuesday due to a recurring appointment, and when I checked the market just prior to 4pm I was quite upset that I was not around to at least be in a position to catch some of that.
