Needle Spikes of Buying within Broadening pattern (SPY)
ES Higher highs within the below pattern.. lows held.. bullish yes.. though will the S&Ps fall off 1300 down to 1286.50 (morning support) or test the mid line of the channel 1293? we shall see…. when europe is closed the market behaves a bit more rationally.
|5 min ES|
NOtice the red vertical time markers.. each marker coincides with a violent spike in buying..
followed by a drop in volume and a drop in price.. it does makes sense here..
more buyers than sellers..but what is funny is how large the volume spikes
are compares to average 1 min volume excluding the large vol spikes…