Two Way Trade Today for the E-mini S&P 500
This morning the e-min S&P 500 starting out with sideways trading. Before we see today’s action, we’ll review yesterday’s TradeFlow chart.
Yesterday’s TradeFlow chart, which uses 5-tick aggregation, we see the price rolled over following the opening and the TF5Um5D study was negative, indicating good selling. When the market was below 1384.00 (point A), the TF5Um5D study was starting to climb, indicating sellers slowing their pace, and some buying was appearing.
The market then traded sideways, formed a support zone, and when the market tested the support zone the TF5Um5D study turned just slightly negative, and then back to positive. The histogram bars of the TF5Um5D study then jumped to high levels, indicating good buying. Prices then reached a resistance zone, and stalled out, but the TF5VCrs sell volume line (red) did not climb and stayed below the buy volume line (green). The market then rallied and did not falter at the resistance zone established right after the open.
This morning, the e-min S&P is trading sideways with neither side showing a strong dominance.