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ES #F Breakout and immediate reversal
Volatility galore! We warned that prices can move in any direction yesterday! The 2366.75 level was breached and prices reached 2375 with a Smart money up bar at the high. The next bar should have cautioned traders, it was a Smart money down bar and also a spinning top bar. Weakness already developed on this bar and when the high of this Smart money bars was not taken out, prices reversed, with clear signals in weakness, multi time frame trigger and price action breakout. This down move so far occurred on very low volume and was easily achieved, perhaps reaction on news from the Federal Reserve. The first key level of 2348.75 was broken and the next level to be broken is 2338.25. A close below this level could lead to 2317.75 and possibly 2306. The Volume Simplified Oscillator measuring buying and selling pressure, has not shown follow through in the selling pressure so keep a close watch on this for buying pressure developing for pull backs or follow through for more selling.
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