Midday Briefing for July 30th: Consolidating the Upside Breakout

Here we see the S&P 500 e-mini (ES) futures on the day via Market Delta. Overall, we've seen more volume transacted at the offer than bid (bottom histogram), though selling ahead of the Treasury auction cut into that. We also see a rising volume-weighted average price (VWAP; red line) and price staying largely above that line. Most important, we're building volume at the 989-993 area, which means that we're accepting value higher. All in all this is consistent with an upside breakout from the recent multiday range and with the scenario laid out in the morning briefing.
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