Before and after yesterday's PPI

Before and after yesterday's PPI announcement, there was a 150-minute battle between the long and short forces in the Nasdaq futures market. The PPI results were positive, but the long forces failed to advance further after an initial 195-point gain, pushed by strong short forces' resistance.

Short forces then seemed to gain the upper hand by dropping 171 points as of the time of the PPI announcement. However, the Long Force's counterattack began, and the index rose again. Short forces again fell 200 points to double-bottom, but Long closed the market by raising the index to the level of the PPI announcement, supported by double-bottom support.

In the end, Nasdaq futures repeatedly rose 200 points and fell 200 points, showing tremendous volatility totaling 1,000 points of travel (up 200 => down 400 => down 200 => down 200 => up 200). After such a bitter war of attrition, the index ended down 0.2%.

I enjoyed watching it. It was a very difficult place to buy and sell.