Yet another EOD run up, but this time you should have been able to enjoy the run up. There was very distinct patterns today that formed before the run-up.
The SPX opened up with a gap down but was sneaky and slowly worked its way to form a bottom.
The first sign a bottom was in was when on the 15min chart, SPX began to make a rounded bottom formation.
SPX was able to slow its decline at key support levels, the 992-995 area. It then formed a perfect belt hold candlestick. If that wasn't enought to make you get long, it then formed a bullish engulfing candle stick. If that still wasn't enough, it slowly followed a trendline up the remainder of the day.
Looking on the hourly chart, a clear ascending triangle was forming, the hourly chart shows the higher lows more distinctly then the 15 min. These higher lows made it apparent that the bulls had regained control. The end result of today's price action was a perfect ascending triangle, that completed it's 5 point measured moved
Now you can recognize a bullish pattern and take advantage of a PPT push up at the EOD.
If you don't believe there was some other force pushing the market up, other then a free and fair market. (I am sure it's a free and fair market)
Look at the volume and power behind that last 60 min run up.
The Down Volume looked like it popped 2 Viagra, Advancers barely budged, the Up Volume was about as strong as a person in a coma. TICK it barely budged up too. So don't read to much into that move, volume was very light today and the market could be moved around.
