Tuesday, December 6, 2011

ES still plugging lower

While the markets are closed, except for the afterhours, ES is still plugging away lower.

The narrow trading range/triangle combined with declining volume made the consolidation/continuation pattern clear, the breakout in ES was on fairly light volume, the churning near the top of the run was on heavier volume and the decline is pretty heavy, likely doing what a head fake is supposed to do and put traders in the pain position.

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