I'll start an early three-day weekend.
Following a NR7 day, the market is giving us a much wider range day to trade, and the ES market is simply following a typical Fibonacci three-wave pattern. You can increase your trust in these patterns completing when you suspect a wide range day, which usually follows a narrow range day especially a NR4 & 7 day.
The MA of the $TICK pivot remained below zero most of the morning with the futures meeting resistance at the upper average of the nearest range extreme. The market eventually traded below the -3 Standard Deviation indicating a weak market today. This is confirmed with an up trending $TRIN indicating large selling volume.
The NYSE Advance - Decline Line also is trending down for further confirmation of a weak morning market.
Charles
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