Flag pole. This morning FT71 commented that yesterday's move would normally have taken several days. So he expects market will back and fill to add volume to the pole. Sure saw that overnight and this morning. Then somebody decided nope, need to push the highs and here we are. You can see on the order flow cumulative delta where a lot of contracts crossed the bid ask to goose the market every 20 minutes or so. Getting across the overnight high was the only time it triggered a relative volume surge.
Yes I do enjoy seeing the relative volume of limit orders as background on the chart. Yes I do enjoy watching the bid ask volume delta for divergence. It gives me a sense of knowing what is happening that I did not have before. Chart right now makes it clear that a lot of money thinks ES 2820 is a good place to sell just like a lot would like to buy at 2805 and everything in between has low conviction.
No more comments on my new toys. If you want to test them for free you certainly can they just won't let you trade off of it.
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Not arguing with Cobra, just pointing out my tick chart is all tails and wicks as we cling to the overnight high and the five muinte bars are just as bad. So clearly this is today's line in the sand.
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Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.