Friday, September 25, 2009
Midday Briefing for September 25th: Downside Break
Note the expanded selling volume (and overall volume) as large traders sold the ES futures as we neared the morning lows. The inability to sustain buying above vwap (and greater volume at bid vs offer) were important downside tells, as were the intermarket themes of strong dollar and weak commodities as the morning wore on. This sets up the earlier morning lows (and high volume regions highlighted by the arrows) as potential resistance for bounces.