Oil weakened further today along with a considerable strengthening of the dollar.
In combination with the weakened oil price and the stronger dollar, the ES Futures had completed a two-day downtrend of the 2-day ROC. This helped to bring buyers back into the market early in the morning, and made the closing of the gap a higher probability.
The ES Futures has only experienced a 33% correction of the last up-swing wave. I think that this is rather bullish relative to the overall weak market of the past 6 months. The $TICK moving averages on the 30 minute chart has also turned to a short-term bullish uptrend.
Charles
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