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ES #F Sideways
After a quick move down of 17.25 points on volume of 983870 contracts in the last down wave, price recovered after net buying on the last Smart money down bar (clearly predicting the pullback/reversal), to trade back in the congestion zone area, with a close in this area. This down move equalled the previous down wave of 17.25 points but the previous down wave had a volume of 579180 contracts, thus the last down wave drew nearly double the volume with the same result, indicating tiring selling pressure. Today’s statement on interest rates by the Federal Reserve will give more direction to the markets. A break above 2371.50 can lead to new highs and a break below 2358 can lead to a larger sell off.
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