9:38 AM CT - I added the piece of work yesteryear nautical chart to present how we've continued the gain merchandise mentioned below, alongside toll oscillating simply about VWAP. The wide marketplace position has been weak, every bit nosotros tin uncovering alongside the advance/decline stats as well as the NYSE TICK, but we've seen a relative residual betwixt buying as well as selling pressure level inwards the ES contract per the neutral cumulative Delta readings therefore far.
We tin encounter that the ES futures attempted a motility lower on the jobs release, failed to lay out the overnight depression to that point, as well as since has rallied sharply as well as moved higher upwards the day's volume-weighted average toll (VWAP; cerise draw above). That has placed us firmly inwards a trading gain defined yesteryear the overnight highs as well as lows.
Note how book has nigh off below the book bulge inwards the 1053-1054 area; credence of toll below that degree would proceed the recent downtrend. It would non surprise me, however, to encounter a gain merchandise that frustrates both bulls as well as bears, every bit the marketplace position digests the recent tidings as well as marketplace position moves. Accordingly, I'll move watching to encounter if selling tin dry out upwards below VWAP as well as buying tin dry out upwards above.
Longer term, I saw that 65-day lows across the NYSE, NASDAQ, as well as ASE expanded significantly afterward yesterday's drop. That suggests that the intermediate-term downtrend remains intact.
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