Just a couple of charts after a very quiet day today. We've now had 5 Professional distribution volume patterns at the 1,100 level.
Professional Distribution Volume Patterns (Emini daily)
We broke down out of the congestion zone and we've now come back to "test" the upward sloping trend line. Some traders call this a "kiss" as price comes back to touch the trend line and then "kisses it goodbye" – if it breaks to the downside.
Today's volume was also very low at only 0.6 million contracts traded showing No Demand. Plus a Doji candlestick pattern showing indecision.
Trend Line Congestion Resolved (Emini daily)
Tomorrow we're likely to have a larger range day and I'm going to be watching for signs of more profit taking and maybe the start of a down trend.
Good luck with your Emini trading. Follow this link to the "No Demand" volume pattern article.
