Daily Reflection: 4.07

7 Apr

Oddly enough, the NASDAQ breadth trended up most of the day while the NYSE was trending down. The Dow remains the lager of the top line figures with the Russell and NASDAQ leading the way as is typical in a bull run after a recession. Intraday trading was extremely choppy today and after the first hour or so it was pretty clear that sitting on hands would be the best plan for the day.
This type of day in Market Profile terms is called a “Running Profile” in reference to prices establishing an initial balance, moving in one direction, then reversing and breaking out in the opposite direction. This produces many failed setups for intraday traders and ends up forming a doji or spinning top on the daily chart.

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