RE: Swlls17 Apr 2026 17:24
For me I think the important nuance here is that trades going through at the bid aren’t automatically bearish.
Mechanically, yes — trades at the bid are classed as “sells” (market selling to the market maker), and trades at the offer are “buys.” But that’s only the surface-level interpretation, and it often misses what’s actually happening underneath. What really matters is how the market maker (or underlying participant) responds to that flow. If you’ve got consistent size hitting the bid and the price isn’t breaking lower, the bid continues to hold or refresh, and the spread isn’t blowing out, then it can just as easily mean that stock is being absorbed rather than dumped. Looking at today, there’s been repeated size going through around the 1.60–1.62 area, including some larger prints, but without any meaningful follow-through to the downside . That’s not typical of panic selling or weak hands being cleared out aggressively. If anything, it can point to a willing counterparty on the other side taking liquidity. Real weakness would usually show up as the bid stepping down, gaps lower, and no real absorption — and we haven’t really seen that in a sustained way. So yes, there are a lot of “sells” showing on the tape. But one way of thinking about it is who’s consistently happy to take the other side of those sells — because that’s where the more interesting signal tends to be. Most of the day had 450k - 700k sitting at best offer which meant the market makers were happy to supply lots at that price point between 1.7. and 1.75. It's about liquidity at x price point and more than anything that literally what you see at that moment in time, and they can replenish that level or actually pull altogether. This was book ended well certainly capped at around 1.75 today, and there is another nearly 2mill or near enough been sitting at 2p and 2.2p for at least 6 weeks. God I bore myself
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