See how this goes
ES Breakdown with decrease in volume bars
emini SP did exactly the same thing with false breakout near weekly pivot this week as well. As you can see OBV was declining at the point where the price actually broke down.
If you're a fan of pivots, and want to learn how to trade false breakouts (specialist trap, 2B, or failed pivots as they're also known, you could make a lucrative living off this style of trading. It's also known as a "wash and rinse trade". You can look these up on the net in a lot of places. These formations appear on many markets, futures, forex and stocks and...
If so, I'd look to short below 5794 - see next chart
The other thing to watch is for a divergence on the 3/10 oscillator. This is strong at the moment, calling for a higher high to the next swing high a few weeks ago.
Critical area at the top now. Watch for large volume spike which could reverse the direction. Also this is a great place to trap bulls when the price breaks just above and then reverses direction. Interesting to see that the volume at the swing low was greater than other swing lows. 5820 and 5840 are key levels here to watch
Watch this go higher. ABC pattern to the last swing low where huge volume turned up.
Anytime you see major divergences between price and OBV it's tended to be an excellent warning of major market moves with the ASX200. Not perfect but a nice guide. Australia's ASX200 is weighted towards banks and resource stocks. The CBA Australia's largest bank and company on the ASX is in serious trouble with the federal regulator. The other major banks are...
No support in place just yet. On balance volume is down. Support could be 236, 211 and then very strong at 200 round number.
If you were shorting CBA this week, FT Pivots would give you excellent reference points for the trades
MOre downside this morning on AUS200 after a clean break from its 30 min opening range. Wish all trades could be this easy! But they have been for the last few days. Volume is following on downside momentum. Perhaps a rally now for the afternoon as price is near S2 daily pivot
This is a clear picture of trend change (down) in the short term - could be the start of a much lower move in the long term.