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| daily bars SPU or on twitter known as the ES_F |
Good evening, as you can see from the chart above waning volume and the failure of the bulls upside conviction beyond the 'buy the dip mentality' led to the the last two weeks of wealth destruction. Also the chart above shows why short traders are so feared and hated. Feared because they are against the grain and hated because when they are right they are really right.. Yes bulls have enjoyed buying up the dips you see highlighted in white.. and bears have enjoyed selling them contracts as they their dip becomes a rip.
Now focus on the far right hand volume bars of the chart which correlates to the decline from 1350 to 1077. THEN look at the bars which correlate to the rise from 1100 to 1200, those bars are inside the white horizontal highlight within the volume plot. 1200 is a level you should be concerned about the bulls not protecting. TODAY is the 3rd day in a row we have failed to close above 1200 despite intra session spikes via buy programs.........
By Hedge Ly
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