Another day of market malaise with the HFTs hard at work scalping mils off the spread.
Volume was curiously very low and contrary to the previous few days the action was slow.
How do I gauge the "speed" of the market. Very simple...I just monitor a Schwab EDGE platform tool that records daily highs and daily lows on the NYSE and NASDAQ on a TICK basis. When the markets are moving fast the screen is rolling up in green (new highs) or rolling down in the red (new lows). The speed of the scrolling immediately reveals the current pace of trading.
We ultimately closed dead on the pivot today having previously hit R1 and then S1 intraday.
Once again the setup for tomorrow looks neutral to bearish.