Assessments / Blog

Possible Spring developing

As predicted yesterday the ES continuous contract traded down to test the 2336.75 area. In this current down wave, the last bar attracted positive Delta volume (a sign of aggressive buying), with the Volume Simplified Oscillator showing buying pressure developing. If no further follow through to the down side occurs, it will confirm the Spring formation and prices should move higher from here. A close above 2348 will stack the odds in favour of the bulls. Keep in mind that the external political factors can have a direct influence on the markets and a close below 2336.75 could spark a sell off. Down side targets are 2318 and 2301.


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