Taking the bait?

It looks that way, the short vs intermediate and long signals had me looking for short term price strength yesterday that works in to worsening underlying conditions, yesterday the market decided to spend its time building very visible triangles instead, from a technical trader's perspective, they are bullish consolidation/continuation triangles, from my perspective they are a chance to see if the underlying trend finally breaks the market as there were a few key stocks we've been waiting on such as AAPL.

This is a start and its early in the day, which is when I suspected the strength would materialize.


Here are the triangles and it looks like technical traders tool the bait on the most common price pattern in the financial markets.

 The markets are fractal in nature, what happens on longer charts happens on shorter charts, it's all driven by human emotion and taking advantage of human emotion, that's why some things never change. This double triangle in AAPL with the seconds smaller on a 5 min scale looks a lot like BIDU's final head fake move, except that was on a daily scale.

Just adjust the scale and they are very similar, signals are similar too.

 AAPL on the open from yesterday's triangle.

 IWM from an ascending triangle.

 QQQ from a sym. triangle

SPY this a.m. from a sym triangle.