Still Buying the Dip

You always said
The cards would never do you wrong
The trick you said
Was never play the game too long
--Bob Seger

Dip buying still dominates the action. Early day weakness is being largely erased by snapback rallies (Snappers) as the day wears on.

Market participants, particularly the algo crowd, have embraced this pattern because it is working. The buy the dip crowd will mindlessly keep doing so until it no longer works.

When Snapper disappears and the long whiskers in the charts turn into full red rectangles, then the tone of the tape will change.

position in SPX