Market: $ES_F and $SI_F
Chart Analysis: Signs of fear are beginning to show up in the general market as shown in today’s NinjaTrader chart of the day. The chart above displays two markets; the E-Mini S&P 500 Futures ($ES_F) daily prices are shown in the upper portion of the chart with the black line and daily Silver Futures ($SI_F) prices are shown as the silver “Mountain” style bars. The “Mountain” bar style is a free add-on that can be downloaded from the Ninjatrader Support Forum. With NinjaTrader’s powerful multi-instrument charting, we can plot both instrument prices together allowing us to easily see the spread between each market. Furthermore, we have added the Average True Range (ATR) indicator for each market in the lower panel which helps us to see the average daily range of each market. As you can see, the ES average daily range has overtaken that of Silver futures. Since the Silver futures market tends to be one of the most volatile, this increase in the E-Mini S&P 500 Futures ($ES_F) market volatility shows the fear that may be entering the market which is currently near highs of the year. This interesting scenario may be pointing to some larger overall selling in the market and only time will tell if this leads to a temporary pullback or a longer term downtrend. Today’s chart can be created for free using NinjaTrader 7 and free end of day data from Kinetick.
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