Futures VWAP

First here's CONTEXT and SPY Arbitrage which is now getting worse, whether they are trying to pull the levers (VXX, HYG and TLT) or just can't like with VIX futures yesterday, I don't know. CONTEXT is at a negative 25 point differential, there are some really big issues with this market and again, I'm very happy to have those Puts.

 SPY Arbitrage heading lower.

 CONTEXT -25 ES points!

 Here's ES' VWAP, the sell area for a market maker or specialist is either at VWAP or the upper second deviation, for ES it would make sense to try.

 For NQ, they're right in the sell zone, doesn't make much difference.

And TF shows the use of VWAP perfectly from a market maker or a specialists point of view, ESPECIALLY IF YOU HAVE THE F0MC MINUTES A DAY BEFORE ANYONE ELSE. They'd want to buy at the lower standard deviation (green) and sell at the upper standard deviation (red), this is why there's 3C distribution in to higher prices, they aren't holding, they're selling at VWAP or shorting, both come across the tape as a sale.

I can't see TF making the upper channel, maybe VWAP.