Volatility Finally Returns with Plunge from the Highs May 17
Wed, May 17, 1:21 PM ET, by Corey Rosenbloom
What a difference a day makes.
Price plunged from the highs on negative divergences and increased political tensions.
In one single session, price took us back almost a month ago to April 24.
Here’s today’s updated Emini (@ES) trading levels for your trades:
We were ready for this in the menbership, as we were picking up on hidden bearish signals. Here’s a quote:
If buyers are getting ready for a breakout, they’re not going a stellar job of doing so because price isn’t behaving impulsively and bearish divergences still persist.
Evidence begins to shift to the bearish side (favoring another pullback).
However, the bearish case was boosted today with the big surge in bearish volume (red bar) and the persistent relative weakness in market internals.
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Corey Rosenbloom, CMT
Afraid to Trade.com
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Corey's book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).”
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