This is part and parcel of the manipulation of technical analysis, a breakout from resistance, the shorts cover, the longs enter and then the whole thing falls apart, this is why you have to watch for obvious patterns and obvious support / resistance levels, they are run so often that it is pretty predictable. In any case, here's what ES looks like...
ES has been in a negative divergence all day...
Here's the recent breakout of intraday resistance, ES is going negative right after the b/o and volume picked up on the downside....
I'm sure we'll see some more flopping around the level, but again, it looks a lot like yesterday, pop the market and sell in to strength, clean up those hedge fund portfolios and raise cash for the tidal wave of redemptions coming at the end of the qrt.
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