Looking at the casino at any point prior to 3:30pm has become a total waste of time. The algos know that the only remaining buying liquidity is above the market in the form of short-covering, so they’ve been generating one short-covering rally after another. Each one having the half-life of a rotten banana. Yesterday was a one hundred point round trip to nowhere in the S&P in a matter of a few hours. All very bullish…
Here is where it gets interesting:
As we see, TRIN is rising on the selloffs, as liquidity diminishes after each “rally”: