Unable to take out its overnight highs, the ES contract has moved back through its volume-weighted average price (red line). This is the first two-sided trade we've seen in a while, with aggressive buying being met with equally aggressive selling. This is setting up that low 1060 area as important resistance.
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1 comment:
So the drop was not selling, rather a lack of buying, based on the lack of volume just after the open. Is that a fair conclusion? Could one conclude that the drop would not continue far based on that fact, and the sudden increase in volume right after?
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