Market Update On E-Mini S&P 500
The E-mini S&P 500 contract dropped lower after exploring new all-time highs creating an outside bar on the weekly timeframe which is a sign of a possible change in the current market context after opening above the value close area in the new year. Looking at the daily perspective we can see some wider price ranges once the market broke out to higher prices and dropped lower through the whole daily bracket in the over-night session.
The market found support at a prior TPO VAH close level on the weekly perspective which brought the market higher for a pullback to the daily developing VWAP after an inside bar break on the hourly timeframe. Observing any reaction around the developing VWAP and the DVAH (1. upper Standard Deviation of the VWAP) on the lower timeframes.
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Daily VWAP perspective with pullback and test to the developing VWAP currently:
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Good quick summary.