Assessments / Blog

ES #F Smart money down bars

As mentioned in our previous newsletter, we looked for a possible pull back to the 2342.50 to 2336.75 area. The Smart money down bar 2 bars back made a low of 2340.50 and the next 2 bars traded within the range of this Smart money bar. There is still some weakness present so watch out for bar closes below 2336.75 which can draw some more selling. However the last down bar was characterised by some aggressive buying (Positive Delta Volume) and some buying pressure is developing on the daily chart. When some buying pressure on the shorter term (234 minutes) develops, we should see the previous swing high at 2358 to be taken out. A close below 2333.25 should lead to more weakness. The longer term (daily) chart looks more bullish and our longer term target is at 2403, with an interim swing trade target of 2359.50.


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