![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgTRwjRBHO04YkWac4pFo4_wZ2_DX3EP3SHpstMJTkvIK0w3o_srEemCm8BU2WLzTIQRc5EztOUSmHzIHeWdsf7LUCC1VQ_eIUcxXPVfF-Nqe9UCUJ8LUr47eDQwzKgZiEB-B5K-A/s400/ES092409b.gif)
The recent lows in ES were achieved on lower volume at the bid (bottom blue arrow). As noted in the intraday tweet, we also saw non-confirmations of daily lows among the NQ index and the XLB, XLV, XLY, XLP, and XLK sectors. Those non-confirmed breakouts often become false ones, as sellers are forced to cover positions on failure to sustain the lows.
.