So today was an upbar with the highest volume and largest spread to date that closed about 1/3 from the top (indicating hidden selling/supply) it also traded for some of the day below the previous bars high (also indicating hidden selling/supply), and although we don't pay much heed to the open it did gap down on open. We have a 13 point spread on 14.7 M volume comparing that to the previous highest spread/volume day (23rd March) we have twice the volume to achieve 1 extra point of spread.
That's too much effort for too little reward. The extra volume could be a result of it becoming a daytraders plaything buying in the morning cashing out in the afternoon. The other possible explanation is that the market operator isn't doing their job properly and not clearing out supply - the whole point of accumulation to make it easier to rise not harder.
I'm going to take a leap here and suggest that on the basis of the suspected signs of weakness and a market operator that's not cleaning supply out - that todays bar is actually upthrusty and we may not be in accumulation afterall but rather in distribution.
I guess we will find out over the next few days if I've looked at 2 plus 2 and made it equal 8.
