Weak Trading Day
The E-mini S&P 500 TradeFlow chart opened and sellers took charge. The sell volume line (red) of the TF5VCrs study did climb above the buy volume line (green). The market climbed following the early low, but the sell volume (red) stayed right with the buy volume line (green). Sellers were offering on the way up. The market peaked and is currently retesting the low, but the buy volume line (green) is not climbing. Buyers are not stepping up at support.
Thursday’s trading was an early test of a previous day’s to a resistance zone. The market through by one tick, but, I like to see two ticks to make sure it is not a false breakout. Next, the market went quiet, but then slowly rolled over, making a series of lower resistance zones. The low of the day was accompanied with the TF5Um5D study diverging.
To read more about these two custom studies, please check out my article TradeFlow Custom Studies.