Another thing to look at concerning yesterday's start of a morning uptrend is that the ES Futures could not trade below the overnight low. Once above the high of the day, long trades controlled momentum.
The only indicator that may have foretold the afternoon selling was the 15 SPDR Stock Stochastic. As the futures was making a higher high, the stochastic was making lower highs.
Once the $TRIN started making higher pivot highs, and the $TICK started making lower pivot lows, the selling avalanche started. The market did not find any support until it reached the 0930 ET open, and found resistance again at the +1 Standard Deviation. However, the end of day selling did not find support again until it reached the -1 Standard Deviation.
The current high and low pivots are 1430.25 and 1421.75. Watch how the market reacts to these pivots following the 0830 ET PPI Report and the 0930 ET open.
Charles
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