High Volume Churn on the Emini today. Friday started with a frightening 17 point opening gap down but then the Emini spent most of the day range bound between 1,455 and 1,465. A rally late in the day on high volume left us with a High Volume Churn day and a gap between Thursday's low and Friday's high.
Volume Indicator: High Volume Churn on Emini
My trend direction oscillators are still pointing down, however, this High Volume Churn bar may signal a retracement. Other indications that this down move is suspect include:
- Cyclical upturns on the 81 and 135 minute time frames
- Bond market is in a strong uptrend
- Professionals are still long based on Commitment of Traders
- Emini closed with large premium to market
- Market commentaries are almost all bearish