The Macro Narrative of the S&P
Diupdate
The S&P 500 is in a bit of a pickle in terms of orderflow.
Looking at the Cumulative Delta Volume (CVD) and price, relative to April's highs, we see that the deltas have peeled off significantly.
In this case, the CVD is showing exhaustion. Bulls are, perhaps, not as serious as before. This will give some solace to market short-sellers, though I would prefer to see absorption where CVD makes a higher high and the price does not.
In any case, the swing in deltas from staggeringly positive to staggeringly negative gives us some insight into what the "big boys" are thinking. It is my opinion that we will see MES (and SPX) in the upper 4900-5000 range in the coming weeks.
Summers are notoriously slow for trading, so it will be interesting to see how this develops.
Looking at the Cumulative Delta Volume (CVD) and price, relative to April's highs, we see that the deltas have peeled off significantly.
In this case, the CVD is showing exhaustion. Bulls are, perhaps, not as serious as before. This will give some solace to market short-sellers, though I would prefer to see absorption where CVD makes a higher high and the price does not.
In any case, the swing in deltas from staggeringly positive to staggeringly negative gives us some insight into what the "big boys" are thinking. It is my opinion that we will see MES (and SPX) in the upper 4900-5000 range in the coming weeks.
Summers are notoriously slow for trading, so it will be interesting to see how this develops.
Catatan
Well that was not my best work. LOL.Onto the next one!
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