JOIN OUR MAILING LIST
Assessments / Blog
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.
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.