ES Thursday 11-6-14

Today's volatility bands:

Bruce, why did you say that the 16.75 was a poor low? Did it not look like a double low? You were obviously right so am trying to understand where my interpretation went wrong/

look at the first two and then 3 - 5 minute bars....it is unusual in the first 1/2 hour of trading to have matching lows that don't get run out....those matching lows show no real buying impulse to get long.....a good long buying campaign will not stick around an area for too long ESPECIALLY early in the day ...review some charts of the first half hour of previous days and you will not find many that put in low or highs by leaving matching lows or highs behind

Originally posted by NewKid

Bruce, why did you say that the 16.75 was a poor low? Did it not look like a double low? You were obviously right so am trying to understand where my interpretation went wrong/

Thanks Bruce. That helps understand. I was looking at it as a double bottom and that buyers were defending it...