i can't remember in recent memory a (candlestick) chart that's behaved like this and effectively defied gravity.
the sell-offs on 4/3, 4/15, and 5/1 were all on BIG volume, and broke through and closed below 50-day MA.....YET they were all subsequently met with higher opens the following day. between mid-march and april, you had textbook lower highs and lower lows. just a draw a downtrend line. but then....
You had the high volume down days and the very light up volume days. The market even made lower lows and did not participate in the overall move higher and was about to break down. however, large buyprograms took it to new highs..you cant fight them. I also think there was a huge number of may put contracts bought and shorting eexspecting a sell in May scenario and they got trapped. Now its just moemntum
I would hardly characterize the buying as "huge". In fact, on closer inspection of intra-day charts, the "huge" volume is always on the down ticks. Those down ticks are met with a melt-up with little volume.
Widen out on the dailies and you see that the largest volume days are red candles. It is almost like someone is boroughing under the market prices and a collapse of epic proportion is imminent.
I wont be long until some backing and filling happens, all the better if it happens all at once.