Just a quick update as we're half way through the week.
The attached chart is of the YM (futures) as I don't have EOD data for the cash yet but they're similar.
The weakness from last week took us down on monday to the 7800 area closing on the lows but the volume was down on the previous 3 days, which resulted in Tuesday being up after a dip below 7750.
Today, it's back up to have a crack at the upper trendline, and failed spectacularly, intraday there was a triple top, market collapsed in the last 40 mins finishing on the lows, with the volume this time increasing with the downside move.
Been a lot of volatilty over the past 3 days, 8000 is proving difficult very difficult to crack at present. The weakness from last week is still present.
EOD charts are not everyones cup of tea, I accept that, but with an understanding of where the strength and weaknesses in the market are daily will give you a good idea where to expect the bigger moves intraday and in which direction.
Good trading as always.