The Qs crumbled at the open and then proceeded down to the S1 pivot in the first 90 minutes. Once that level held, a return to the PP base pivot looked like a good bet and sure enough, 2 hours later we hit it on rather anemic volume. As with most of the pivot turns with the big ETFs, there tends to be some spillover as the gamers try and suck you in to buying the highs or selling the lows. That was the case going into the last hour. With volume accelerating and a lot of momentum, the rug got pulled out for the 60 minutes as those tentative longs suddenly became panic sellers. It's all program trading of course and unless you realize that the odds of anything really dramatic happening today or Friday are close to zero. you will be frustrated and disappointed. The PP to S1 range today was a welcome relief from yesterday's R2 to S2 cycle.
Anything that happens on Friday's abbreviated session will likely be pure gaming, and although the anticipated volume will be low, don't expect the same for volatility.
Enjoy your Thanksgiving. . . .there's a lot to be truly grateful for.