MCP Update

MCP looks like it put in a head fake move/ bottom as head fakes tend to come just before reversals.

The daily chart looks very interesting, if volume stays on track it will be a very high probability reversal candle.

 The daily chart's candle today is similar to a bullish reversal "Hammer", it could also be considered a long-legged Doji Star, also a bullish reversal candle and it could be considered both and a Harami as the real body falls in the range of yesterday's real body (inside day). The trick to any of the reversal candlesticks being high probability is increasing volume over the previous day which it looks like we'll see by the close.

The intraday charts just took off like rockets with leading positive divergences, this is more along the lines of the typical call / options position set-up that I prefer.

 3 min divergences, again a fast, sharp leading positive divegrence.

There are two support areas that could have been targeted . The concept of a head fake/stop run here is no different than the XLF chart, they are much different timeframes, but the head fake concept is exactly the same for the same reasons.

I see some volume at one of the support areas as it looks like some stops were hit or shorts sucked in. Either way, the long term charts are still in good condition so we'll see if this is the head fake move that turns MCP to the upside.