Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
With all the “big events” this week there was the expectation of a ton of volatility. That was delivered. But as we have seen much of this summer, all this volatility has led the market to chase its tail most of the time. After this morning’s gap up the market is currently at 1386. Where did the S&P 500 close last Friday? 1389.
Technically we remain in this ascending channel as I keep repeating, but now have not one but two gaps to fill. Almost all the upside the past week and a half has come in the overnight session while all the losses have come during the regular session. Probably accurate for much of the rally since 2009.
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