Early Trading is Flat
The market is trading on both sides of yesterday’s close, possibly moving into holiday mode. Before we see today’s action, we will review Monday’s TradeFlow chart.
Monday was a good example of the price action moving down into the support zone, which was established following the opening of trading. As the market moved into the support zone the TF5Um5D study histogram bars began to climb, indicating sellers were not continuing to aggressively hit the market following the quick decline. When the market tested the actual low of the day the TF5Um5D study histogram bars formed a much higher trough, again indicating sellers were not stepping up, and the market rallied.
This morning, the e-mini S&P opened, then traded up and has just rolled over. The sell (red) volume line of the TF5VCrs study has just peaked at a high level, indicating sellers are becoming more aggressive.