A Look at a Transition Turnaround
Wednesday, 8 July 2009
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Here we see the transition bottoming pattern mentioned in the Twitter comments intraday. The high volume decline was followed by a nice bounce and then a lower price low in ES that occurred on lower volume (and lower volume at bid) and non-confirmations from NASDAQ and Russell indexes. Those were followed by a significant surge in buying, taking us back above the day's VWAP. It's a key pattern to watch for on different time frames.
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