At the end of the trading day yesterday, the ES two-day Rate of Change Indicator had advanced for two days, which usually indicates that the market may reverse trend soon. Ideally, the market would test and maybe trade past the previous day high to provide an opportunity to short the market. However, the market tumbled overnight.
For most of the day, the market could barely get past the 50% correction point, indicating a lack of long interest.
After a lengthy mid-day consolidation period, the market continued its decline 30 minutes before the close of the energy market.
Charles
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