9:47 AM CT - I've added the operate past times nautical chart to present how nosotros hold to merchandise inwards a attain inwards the ES futures, oscillating exactly about the volume-weighted average price. In such an environment, it is unsafe to chase moves higher upwards together with below VWAP, equally that average cost becomes a form of magnet for cost over time. There only is non plenty institutional participation at such times to sustain a revaluation of price; banknote the lack of real high or real depression NYSE TICK values for the morning. That suggests that relatively few programme buys or sells are beingness executed--important marketplace info.
The strengthening the US dollar was a nifty say inwards pre-opening merchandise for the selloff that nosotros saw inwards the ES futures (above). Note from the Market Delta nautical chart how nosotros accept moved below the volume-weighted average cost (red line) exactly about 1102.50 (March contract) together with turned the cumulative Delta from positive to negative. The rejection of cost exactly about 1105 has left us inwards a trading range, amongst yesterday's lows of 1095 anchoring support. I'll hold to lookout book equally nosotros larn closer to the holidays, equally a slowing of merchandise continues us inwards a multiweek range.
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