You all hear me talk about volumes a lot. Well, it's something I used to not pay attention to, but it's extremely relevant and a HUGE indication. In the stock market, there are dark pools which can hide a lot of the volumes.
Looking at some shorter volumes, there's a few things to point out....
Bull volume has been decreasing. There was an oversold bounce where bulls came back but quickly have receded.
We're not even at the price level highs and we see volume extremely lagging. We saw increasing bear volume peak and now bull volume peaked after the low. We would typically like to see increasing bull volume, but we are seeing decreasing meaning consolidation or a lower high. If we get this pattern on the lower term charts, we will see pullback. I'm still expecting a pullback to around the $540 level.
