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ES #F Trading range and still some bullishness
Our long awaited target of 2403 mentioned numerous times before, was eventually reached yesterday, making an all-time new high of 2403.75. This high came 2 bars after the Smart money up bar, where some selling pressure developed after the new high and prices made a smallish pullback into a sideways trading range pattern. The weakness and selling pressure did not have a great effect on prices to the down side and with buying pressure developing currently and Positive volume delta (aggressive buying) on the last bar, it is extremely likely that another attempt at the high will be made. Our second target remains at 2413. A break of the resistance zone at 2376 to 2379 will favor the bears and turn any bullishness around. An interesting sign on the weekly chart is the Divergence pointing down on the Volume Simplified Oscillator. This is a long term signal to watch out for and one has to see how the Volume waves play out on a weekly basis, before a definite conclusion can be reached from this.For trading ideas en hints, join the Faceboook Group "Trading For An Income" here: https://www.facebook.com/groups/1832814697041353/
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