As noted inwards the recent tweet (follow the intraday indicator, news, together with marketplace updates gratuitous of charge), the lows that nosotros made inwards the ES futures (90,000 contract Market Delta chart) were non confirmed past times either the Russell 2000 or NASDAQ 100 futures. Moreover, nosotros didn't come across novel daily lows inwards the XLB, XLI, XLP, XLY, or XLK sectors.
As a rule, I uncovering that to a greater extent than non-confirmations--the greater the divulge of indexes together with sectors non next ES to a novel high or low--the to a greater extent than probable it is that nosotros volition come across a reversal, creating a faux breakout move.
Once nosotros got buying off the lows together with moved dorsum into the day's range, a merchandise for a motion to at to the lowest degree VWAP had audio risk/reward.
It's a squeamish example of how book period of time data inside a unmarried index, such every bit ES, is helpful, simply does non supersede a broader marketplace stance that takes inwards a diversity of indexes together with sectors.
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