When Breakouts Turn False
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..