Thursdays Volume Distribution Summary:
Overall volume for the day was weak. The
PVP that formed was also the lowest in months at ~39k contracts. These two facts seem consistent and probably not that noteworthy. It would have been much more interesting if overall volume had been stronger and the
PVP had been so light. The face that overall volume was weak tells me institutional players were just not interested in doing a whole lot today.
The day had multiple trades in it but here is a comment regarding just the volume distribution.
The market went down and tested 1461.00. 1461.00 was the daily
PVP from 11/12. 1461.50 was the daily
PVP from 11/13. The market tested up off this level and then eventually broke hard below it, with 'single prints'. You can see the low amount of volume that took place and price moved quickly through this level.
The daily
PVP formed at 1456.00 which occured near the close, very low in the range. If you were watching the distribution late in the day, you would have seen that it really did not look like the earlier
PVP up at 69.50 was going to be exceeded. But it was. This is normal behavior as volume comes in near the close but it also shows a market that got pushed down on weak volume, was closing far below 'value' for the day, and buyers came in late. This confluence suggests that location is better to be long than short.
