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ES #F Wait and see
The price action on the ES continuous contract is typical of traders with a wait and see attitude after the new high by only 3.25 points over the previous high. The up thrust is shortening and more selling pressure is present, which maybe attributable to profit taking. The current up wave, made progress of 21.25 points on volume of 2.12 million contracts, compared to the up wave on the 21st which moved 28.50 points on 2.58 million contracts, which looks like buying appetite is diminishing slowly. The current up move’s delta volume of 1.29 million was way less than the 2.11million on the 21st, showing the presence of more selling in this up wave. A wait and see attitude will indeed be the safest at the moment.
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