1310 ET - The market gave us a correction all the way back to the 0930 ET open, and found some support. At 1221 ET, we got another price / $TICK divergence, but this time to the long side. We currently have a 62% correction to the upside. This divergence was significant because it occurred at the 0930 ET open, which in this situation some may view as support.
1410 ET - The $TICK started to show some weakness at 1336 ET, but the market came back and tested the recent high. The downside correction at 1401 ET appears to be working. The market typically is more likely to move at 1400 ET than 1330 ET, while going into the energy market close.
Charles
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