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Newsletter / Blog


2017-01-25
Follow through in ES needed?


01h20 Standard Easter Time. ES #F has risen into new high ground. Trading above 2280.50 will confirm follow through to the up side and probable new highs. ES has fallen back into the trading range between 2177 and 2158.75 formed since 4 January 2017. Trading has broken out of this range occasionally but was unable to close and trade outside of this range. The last upswing with 1.27million contracts was the largest of the last 5 upswings. If the high of 2280.50 on the large range professional bar (blue) is not broken, this will resemble a climatic action. The short-, medium- and long term price action is overbought and a pull back to 2271 is likely. Trading below 2252 will change my outlook to bearish.


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