08-DEC-2015 | ES
1) In this morning's example of a Head & Shoulders pattern using a 4 tick range bar in the forward e-Mini S&P 500 electronic futures contract, the ES had been in an downtrend since Monday December 7th 4:00 p.m. EDT.
2) A Sell Programs Waning indication occurs at the head. A reversal in MacDaddy occurs just after the head. These indications in the tape point to exhaustion.
3) Our right shoulder occurs at 9:40 a.m. EDT. The right shoulder is accompanied by a Sell Programs Waning, a Long Strong Tape Imbalance, and a +1 Standard Deviation Uptick Ratio indications. Note that the Right Shoulder was an 'Engulfing Bar'. imediately after the Right shoulder we see we had a resumpion spike in MacDaddy. We also have another +1 Standard Deviation Uptick Ratio indication.
4) MacDaddy is strong green after the right shoulder. MacDaddy shows a few more resumption spikes as the move continues. We also have a +1 & +2 Standard Deviation uptick Ratio accompanied by long Strong Tape Imbalances during the move. These indications in the tape point to New Fuel.
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