I try to separate early from regular market updates as the early action is usually full of games to take advantage of limit orders/stops, etc placed by retail that has to head off to work, in fact many professional traders don't even pay attention to the market until after 11:00 a.m. with the pros really coming in to the market right around 3:30 through the close as the day traders tend to exit around 3:30-3:45.
However, yesterday's closing activity had a lot in common with Thursday's closing activity before the Friday gap down.
We already know volume and the Price/Volume relationships from yesterday were bunk, so the way I see it, yesterday was a noise day that was only good for filling a gap.
The DIA, note the dates. Last Thursday it went leading negative in to the close and Friday we saw the fall. Yesterday was already leading negative, but got worse in to the close.
The same is true of the QQQ
As well as the SPY.
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