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ES #F Company earnings reports drove prices higher
The selling pressure that developed yesterday was short lived and did not have an effect on rising prices and prices continued its upward move, mainly because of company earnings reports published (Caterpillar, McDonalds, DuPont). A new high is in sight without significant weakness at the moment. Selling pressure is developing with a slight divergence to the down side on the Volume Simplified Oscillator and a Smart money up bar at the present high. Also price moved 32.50 points in the current up wave on volume of 2.70 million contracts so far, whilst it took only 581660 contracts to move 32.25 points on the previous up wave, signalling that the current up move is tiring for now. Thus a pullback is possible to the 2370.25 to 2359.50 area.
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