![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjFCswVvUtl-bFeE91Sj_WCyYMJLS3Q5PoDT-QhSx5-kJaY7NGYxBtHa_nJ8TOMgpixT-q0r5hK4RstHD3h5rLUSjMmrCA60jmscPrdGPkZLW8R8Q0LxN2VLKoeoPZk-3zQc9kM/s400/ES111709a.gif)
Here we see a Market Delta chart in which each bar represents 100,000 contracts in the ES futures. What we see is that we have oscillated around the volume-weighted average price (VWAP; red line) around 1104 in a range trade. Once the market could not take out the day session lows from Monday, we moved back into the preopening range, with the 1107/1108 area important near-term resistance.
Among the stocks in my basket, I show 27 up from the open, 13 down, but nearly 700 more stocks are declining than advancing on the NYSE relative to Monday's close. New 20-day highs thus far handily outnumber lows, but we're seeing less than half of the new highs registered yesterday. All told, thus far, we're seeing a range day and consolidation of Monday's strength. If we're going to continue that strength, I would expect to see this morning's lows hold on selling.
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