Note the breakout above the opening half-hour range in the ES futures (above), taking us beyond the 1111 level, toward the overnight highs. That breakout was not confirmed by either the NASDAQ 100 or Russell 2000 Indexes, as well as several sectors (health care, consumer discretionary, consumer staples, industrial). Such narrow moves are often dominated by a relative handful of large cap issues and do not reflect broad market strength. Fading them can often make for a nice short-term trade.
.
Posts
