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my guess is the pullback will be bought somewhere before reaching the horizontal blue line below as the push down recently was zigzag not straight down, didn't like a typical bear, more likely it's just a range.
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Failure to climb over VWAP at ES 2340 put a less that positive end to the London/Frankfurt trading day and leaves us to wonder if the standard pattern will happen. That is a low between now and noon followed by a lunch hour rally ending around 2. A bounce off the day's low would be a good start.
NOT INTRADAY
Things will be fine as soon as the moving averages on the AD cross back up, like they eventually do.
[AD line is invisible, blue=10ma on the AD, red=25ma on the AD, index prices are faded behind].
Glance at the volume: if we’re going deeper into the bear hole, we’ll need to see bigger red volume bars. Instead we are currently seeing smaller red volume bars.
[AD and its MAs are as of yesterday’s close]
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
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On paper about 4 more points to drop as ADR low is at ES 2326. I have seen that we can overshoot but for the most part it seems to be a pretty reliable estimator of the bottom on a down day. having yesterday's low 2 points above the ADR Low is frosting on the cake for a bounce. VWAP chart the price is riding the two standard deviation level which is a pretty good pace. Usually just see that for up moves
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