Positive start for the Week for Equities
The E-mini S&P 500 opened tested a support zone, and then rallied. The buying took the market through two resistance zones from Friday’s trading, and took out Friday’s high. However, the market has faltered, and this could be an upthrust (false breakout). Watch for sellers to come in. Currently, the TF5Um5D study has peaked and the sell volume line (red) of the TF5VCrs study is dominating the buy volume line (green).
Friday’s TradeFlow chart shows theTF5Um5D study formed a peaked and turned down (the arrow marks the point) when the market was in the first resistance zone. However, when the market rallied back to the resistance zone a second time the price action continued higher. When the market climbed to the next resistance zone the high of the day was established.
To read more about these two custom studies, please check out my article TradeFlow Custom Studies.