Gap (Up) and Go Failure
One very reliable pattern showed up today (Jun 13, 2011) in Emini S&P that worths a more detailed explanation.
- Market down more than 2 to 3 percent from previous month close
- Market gap up but within previous day trading range
- Tried to gap up and go (i.e. rally off open at once) but stopped after 15 minutes
- Then the next hour trapped within OR (open range or the first 30 minutes)
- Extremely bearish $tick reading all along
- Last swing down coming off VWAP