With the ES Futures in a tight trading range during the morning session, the NYSE Advance - Decline Line was showing some bullish tendencies by making higher highs and lows. When the ES Futures traded past the morning high pivot, the Advance - Decline Line confirmed the move, and made higher lows as the ES Futures tested the morning pivot high for support.
The TRIN also confirmed the move to the upside by making lower highs and lows, and staying below its 10 period EMA ( on a 5 Minute Chart). As the ES market formed a head and shoulders formation in the afternoon, which also occured near the Average True Range Upper Limit, the TRIN indicator started making higher lows, which is a bearish indication.
During the morning trading, the TICK indicator stayed above the zero line most of the morning.
Charles
No comments:
Post a Comment