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ES #F Consolidating

The ES is moving in a trading range between 2277 and 2266.75. It could not take out the high at 2285 of a previous swing high and could not break the neck line of the head and shoulders pattern to the down side so far. The volume oscillator suggest a lot of buying and the last down wave in progress so far has a positive (net buying) delta volume. It seems that this buying could not make a lot of upward progress. Price action lines looks like it may break downwards and at the moment there seems to be Fundamental weakness developing. The head and shoulders pattern is still intact and a break of the neck line at the 2266.75 area can lead to a projected target of 2224 as measured by the head and shoulders pattern. I would be careful if prices break above 2281 from here, which ultimately can lead to another high. Also watch out for today's Employment report.



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