Tuesday, March 8, 2011

ES gets some buy interest

Keep in mind that though this is an interesting and somewhat unexpected spike in buy volume...given the number of shorts being put on at the lows and the other nefarious market influences its not entirely surprising and so far less powerful than it may initially seem. Given that the dollar has shown some traction as I setup in my previous charts and thus far is holding its initial supports and that the EURO has been unable to do so...there seems to be a shift going on in the markets...at least under the surface. Many shorts initiated new shorts on the break of the flag and are getting squeezed - therefore, I do not thing this buy volume is sustainable.

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