Recall that we were looking at the 930-934 level in the premarket ES contract as an important level where we built value. We can see now (above) where we have been building value yet higher, with volume accumulating between 939 and 943. As noted earlier, a defining characteristic of a strong trend day is that higher prices facilitate trade and thus bring in increased volume. Sitting with traders this morning, this has been our major focus: the market is building value at higher levels with more volume at offer than bid and with more stocks trading on upticks than downticks. We'll need to see a shift in those dynamics to turn the market around.
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