For several weeks while the market rallied to higher and higher highs the consensus of technical indicators steadfastly refused to acknowledge the price ascent with positive agreement. The last two weeks the consensus is neutral but with a deteriorating price negative bias. Once thing that the decline accomplished was neutralizing the extreme condition of momentum indicators
Volume two weeks ago the high last (the fourth highest volume week of ’25, 3,674,237 contracts) increased significantly (3,972,672). That is nearly 300,000 contracts increase while prices fell indicates that cause is being built to go lower which was confirmed last week. Price may well fall further (especially around expiration). Fun info- volume during calendar November was less than in October while price was higher, which is a volume divergence. That anomaly indicates that the sponsorship for $5.50 – $6.00 gas did not exist yet.
