Here's a view of current market volume (red line) vs. 12 day median volume for each time of day, using the data from my recent post. This is admittedly a quick and dirty view, but it highlights that we're doing below average business relative to the past 12 trading sessions. Not surprisingly, we've seen range trading today, with ES price oscillating around its volume-weighted average price. Note that shifts in the slopes of the two lines can tell you if today's market is gaining or losing relative volume/volatility.
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