Assessments / Blog

ES #F Sideways again

The current down wave in progress drew 653350 contracts and moved 16 points so far, the lowest for some time. A weakness is developing and selling pressure is also developing.  The ES formed a congestion zone between 2338 and 2351.50. Watch out for a close above the 2358.25 area, which can lead to a larger up move. A close below 2338 should attract some more selling. Our down side targets remain 2332.25, 2314.75 and 2303.25. It is possible that trading can move sideways in the congestion zone for a while before reaching these targets.


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