Pre-close View… Glory days.

Sizeable intraday swings have returned.

As the week began, I pointed out the signs of equities and Crude Oil no longer being conjoined at the hips. I’ve pointed out two other examples confirming this since then.

A couple of days ago I began pointing out that enhanced intraday volatility seems to be returning. Those are awesome multi-week periods that can produce multiple double-digit trends intraday.

Like today — trending sharply, on a Friday afternoon, while Crude Oil ranges narrowly… the market is not in a ranging state of mind. The noon hour’s 2057.00 sell signal finally violated a bounce limit above 2045.50. Another sell signal was triggered minutes later under 2046.00 and extended down to 2038.50.

As for the balance of today, the likely bearish scenario was only to probe into last Friday’s range. Last Friday’s range has only been probed, so far. RSIs simultaneously diverged positively at the low, and the final hour’s entry was at or above the bias environment’s low.

But it’s well past time for a short-squeeze to have been signaled, so resuming the decline can’t be discounted. But back above 2044.00 would start to suggest a bounce underway, anyway.