I'm still gathering charts for my end of day wrap, it will be worth the wait and my time, but for now, I want to show you ES, remember what I said about the late day ramp in the market.
Being I can only access our Risk/Credit indicators during market hour, I will use the broader, less specific CONTEXT model for after hours. The model has leaked lower as I suspected would happen after the late day ramp, which I believe was there for one very manipulative reason, it wasn't on news. In any case, the model is diverging in afterhours.
Here's ES trade on a 1 min 3C chart from pre market to present. Note how the negative divergence in the early hours of the morning kept ES lateral throughout the day, a pretty linear trading range, no additional gains except the very end of day. ES is now about a point lower then the New York Close and as suspected, right after the close, 3C went divergent again and ES has dropped as I mentioned, a point off the close.
I may set my alarm at 3 a.m. to see what happens, but thus far the market' inability to add to the gains sets up a loss of momentum and that will be addressed in my larger post later tonight. I've discovered a few things that will truly surprise you.
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