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ES #F Pullback with selling pressure
The expected pull back warned about yesterday did not happen until late in yesterday’s trading session and only after another rally with a Smart money bar at the swing high. The selling pressure developing did also not have that big effect on price movement so far. Currently there is still some selling pressure and also the Volume Flow Tool is pointing downwards (white arrow = flow is ultra strong). There may be another attempt at the current swing high before another pull back occurs. Our target now for a pullback is the 2375.25 to 2359.50 area. Because of the bullishness of the market the past few days, it is very difficult to foresee the extent and timing of any pullbacks. However watch out for the Volume Simplified Oscillator to go negative (follow through - middle line will become red) and the Relative Strength Indicator (on top of chart) to point down (and average becoming yellow), which will give ideal conditions for any pullback of note. Our target still remains at 2403 to the up side.
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