Today was an interesting day in the snp. The low of the day was made before the opening and prices opened above their lows to supply at around the 900 level. The market falls until 9 am and then has a spring by one tick at 9:20. This is enough to signal bulls that they should be buying and the market rises on steady volume until we spike on what is the highest volume of the day prior to the closing minutes. This spike occurred at 9:45. The market drifts higher on diminished demand and falls sharply. At 10:35 the range contracts and volume shrinks slightly, indicating demand is entering. A small rally followed by a test triggers a rally with erratic volume which stops at exactly the point that the down volume kicked in, 902.25 at 10:30. The rally went to resistance and then sold off easily and with higher volume than on the advance. Prices are supported below their previous low and this spring triggers another rally. By 12:45 there is no supply pressuring the market. At 13:10 we have a rapid high volume advance which has difficulty going much beyond the earlier high of the day despite adequate demand. Supply again is overcoming demand.
I have difficulty determining whether today was rally that failed to make much progress or bag holding at the bottom. In light of the foregoing i would have to say the evidence supports the the idea of a rally that failed.
