JOIN OUR MAILING LIST
Assessments / Blog
ES #F No clear signals?
The previous down wave made a pullback of 20.75 points on volume of 3.61 million contracts, before reversing. In the previous three down waves, there was far less volume with just a little less progress (19, 17.25 and 17.25 points with 1.76 million, 579.18 thousand and 984.28 thousand contracts respectively), indicating a tiring down move, with a lot of effort and not so great result. The expected turn upwards only developed recently and follow through to the up side is needed. Look like relative strength is improving but there is selling pressure present, giving mixed signals. Be careful for a close below 2363.25, which can result in a larger down swing and even a bearish reversal. Price action on the long term (black and green line) the short term (red line) and medium term (blue line) turned upwards. Our upside targets remain at 2401 and 2419, but follow through to the up side and a break of 2383.25 is needed for a new high to be made.
The information delivered here is for educational purposes only and is not intended to be a recommendation to purchase or sell any of the stocks, futures or other securities referenced. All references are for illustrative purposes only and are not considered endorsed or recommended for purchase or sale by MC Trading.
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.