JOIN OUR MAILING LIST
Assessments / Blog
ES #F Weakness?
The blue Smart Money Bar at the top on the 15th was a sign of possible weakness to follow and weakness in price action started within 3 bars after the Smart Money Bar appeared. The ES is currently in a downward pull back phase, what looks like Elliott wave 4. Resistance zone is between 2329 to 2320. The strength indicator show weakness and price action is down on short- (red), medium- (blue) and long term (black). The down wave in progress so far shows volume of 13870 contracts and a point movement of 9.75 points, signalling ease of movement down (but wave not completed yet). This is after a low volume up wave which could not make much progress. The volume Oscillator suggests that aggressive buying is taking place on this down move. We would be careful as this weakness is playing out and will wait for more confirmation signs.
Trading Forex, Stocks and Options, Futures and any Commodity or ETF contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones financial security or life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results and no representation is being made that any account will or is likely to achieve profits or losses similar to those shown. MCTrading has taken reasonable measures to ensure the accuracy of the information contained herein and on this website, however MCTrading does not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or from an inability to access such information or any delay in or failure of the transmission or receipt of any instruction or notification in connection therewith.