Yesterday's 15 Minute Close Bar = UP @ 1316
Yesterday's TREND = UP 9:00/Reversal
Yesterday's Power On Close = Strength
Today's Open = No Gap (5.25 points)
Result = Gap Test of Support Up trend till 9bar.
Today's TREND = Strong UP
Today's 15 Minute Close Bar =Down@ 1324.00
Today's Power On Close = Weakness
Daily Volume = 1.1M low
Today's $TICK close = Down @ 348
TRADE OF THE DAY
Another 5+ point Gap up that lead to an early bounce testing the gap area then up trending for the early part of the day. Whenever we see gaps of 5 + points we tend get test of that area. This is very recognizable, when viewing the volume on the lows, here we see the 6:30 down bar on low volume. This pointed the way the path of least resistance, UP. The 6:45 & 7 bar confirmed the direction peaking at 8:30 on expanding volume.
A view of the Daily ES's are showing signs of slowing.. Over the past few days we seen volume drying up and hard sell offs to close the day session, on the @ES and ES.D Daily we formed an end of trend and low volume Rambo to the upside.
@ES Daily
It appears that the bounce from the recent lows of 1241. could be running out of steam. Over the next few days leading into next week Im expecting some upside test, maybe a break on high volume "Upthrust" to catch some stops before consolidation and distribution.