The S&P 500 Index (ES futures contract; give chart) staged a overnice turnaround inwards afternoon trading. An of import clue to the turnaround was that nosotros returned to prior days' back upwardly as well as and then subsequent selloffs inwards NYSE TICK (bottom chart, blueish arrows) could non generate lower toll lows. With sellers unable to force the marketplace lower, nosotros saw a flurry of buying inwards TICK belatedly inwards the afternoon, enabling ES to retrace its day's losses. Recognizing these patterns equally they emerge is a commutation chemical ingredient of trading success; turnarounds frequently hap when buyers/sellers cannot motion markets higher/lower, emboldening fresh sellers/buyers to piece of occupation into the market.
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