Monday, August 13, 2012

EOD Ramp Still Negative

ES is easy to show the EOD ramp which locks longs in.

We already saw the earlier positive divergences (intraday accumulation) and the last ES update we saw a new leading negative low, since then it went even deeper. At the green arrow this IS NOT a positive divergence, it is simple 3C confirmation as both 3C and ES made a higher low, however that move was within a very deep leading negative divergence. I wouldn't feel very good about being long the market right now or ES for that matter.

It could be a long night for the S&P futures.

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