Another tough day - the weak lead from the US didn't really bother us here locally. We opened positive on the cash, and faded that early as the Nikkei and US were both continuing lower. The Nikkei moreso. Yet we hit a level which just didn't really correlate with much but from the flow seemed like a sticking point, and that was the low for the day. Slowly made it back to the high, then had a few sneaker attacks to push through. The Nikkei was down 0.6%, the US down about 0.15%, and BTC up a good amount $700. The USD a touch weaker, the AUDJPY weaker despite the $AUD flat.
Come lunch we hit an algo level. The setup was for a high prob. top, which was interesting to see come to pass. The tricky thing is that the flow was a grind up, but then once a few points near the high were taken out, it was a quick fall by a good amount. Can't see any algo significance to that.
So the reversal was also one to watch - I expected the fall, but not in under 30mins. More like the rest of the day. So had to re-evaluate my expectations.
Active selling into the afternoon rally.
Passive buying into the late day. Dumped into cash close... see chart below.
The reversal seemed to be clear (the flow) - but then the rally higher after lunch was much higher than I expected. Returned to high (see... (More)