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ES #F More buying
After some temporary bearish tunes and a swing low on April the 17th, more buying pressure developed gradually over the last 3 days in the ES continuous contract. The current Wyckoff volume up wave in progress, is the highest point up move since the up move that ended on April the 5th. No bar closed below the 2332.25 level, as mentioned in a number of previous analysis, to look out for since the previous swing low and price action and the extend of the current up move suggests that supply is spent for now. The Volume Simplified Oscillator shows a little selling pressure is developing and a pull back is possible to the 2342.50 to 2336.75 area. The Cumulative Volume Oscillator shows that the recent buying volume up swings is increasing and higher prices are likely, after completion of a possible pull back. A bar close below 2332.25 can turn buying sentiment around.
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