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All major US indices ran into key resistance zones.
Russell ran into 1600 zone. With the quarterly volume VPOC being placed at the high at 1578.5, this volume profile supports the scenario of a short term top.
ES has tested and held 2785 VPOC of the prior month.
After this successful test, the bulls are going to make another assault at the 2820 high in the coming days.
A failed run would induce major liquidation break.
Russell has shown leadership to the down side.
The question is whether the rest would follow or not.
It is the first time since end of Dec that we have seen some divergence in the 4 major indices.
Not sure that it would be the beginning of some large liquidation breaks, but changes are always welcome because it is a sign of volatility resurgence (potentially).
I am just hungry for volatility!
Dow has kept its symmetry quite well -- a full swing usually spans 300 points.
Hence the consolidation range can be organized into several boxes with equal sizes.
I am going to watch YM closely to see if it is able to extend fully to the down side to test 25300 in today's NY session, or the break of 25600 is merely a false break, and it is really meant to challenge the 25900 by making a spring.
A top is most likely to be in, though the formation has yet to be completed and confirmed.
The break of the 5260 would confirm the top.
It is likely to test the 5180 level after the break.
