Market Ahead of the 4th

Usually on Friday's day traders and momentum traders take profts in the late afternoon, they don't want to hold postions over an uncertain weekend, ever more the case wth long weekends like we have this week.

 The trade today has stuck to the 1 min 50 bar average, which is pretty incredible and suggests we are seeing further short covering (whenever a market rises like this with few pullbacks and no substantial pullbacks, it's ether being manipulated by HFTs or it's short covering, this morning we saw a very obvious round of short covering as the multiple trendlines I mentioned were broken to the upside.

 Right now some sell-sde volume is picking up-day traders usually start closing positions around 3:30.

The TICK Index which has seen a steady uptrend today just broke that trendline to the down side. I'd expect to see some profit taking in to the close. The only question  have is whether institutional money also pulls some out with the long/unpredictable weekend.