Thursday, June 19, 2008

ES and Financials - 06/18/08



Interestingly after 1100 ET, the XLF started showing more strength than the rest of the market. As the ES Futures was making lower lows, the XLF was making higher lows after it had completed a higher high relative to the ES market.






An interesting indicator is the MACD of the On Balance Volume. As the ES Futures was making a lower low, the indicator was making higher lows and starting to show positive volume. The ES market then corrected to the upside to the 50% level. It is sometimes a good indicator to use to help determine volume sentiment for the short term.





In the afternoon as the ES Futures tested the lows for a second time, the $TRIN was bullishly trending down, and the EMA of the $TICK Pivot was making higher lows. The ES market then gave a nice bounce to the upside.

Charles

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