Volumes are dreadful this morning in cash and futures. S&P 500 e-mini futures (ES) have seen a ridiculously low 5pt range since the open last night but in the last 2 hours, the ES has traded in a 1 point range between 1456 and 1457! Meanwhile Dow Transports are deteriorating again...
Clearly dominated by the algos as ES clings to VWAP...
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but Trannies are losing steam again...
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Charts: Bloomberg