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Assessments / Blog 2017-05-10 ES #F No follow through On the 234 minute chart yesterday an attempt for a new high was started, but there was no follow through. The aggressive buying on the last bar in progress yesterday, ended up in aggressive selling with Negative volume delta developing, as well as buying pressure which did not follow through and was turned around into selling pressure. A doji Smart money bar developed and Volume Flow switched to the down side. The Relative strength indicator has shown weakness through this whole process. The last up wave also moved only 10.25 points, the lowest since the up wave which ended on 17 January 2017 with 9.25 points. There is still some selling pressure, but aggressive buying (Positive Delta volume) is present on the last bar in progress. Interesting to see the Divergence on the Volume Simplified Oscillator on the daily chart that developed, which is still present on the weekly chart as well. On the daily chart Volume Flow turned around to the down side, but there is no selling pressure present at the moment. A break of 2387.75 to the down side can lead to more weakness to the 2379 and 2376 resistance area. Given the lack of follow through to the up side, a break of 2400 to the up side is needed in our view to get the Bulls on track again.For trading ideas and tips, join the Faceboook Group "Trading For An Income" here:https://www.facebook.com/groups/1832814697041353/ RISK DISCLOSURE: The information delivered here is for educational purposes only and is not intended to be a recommendation to purchase or sell any of the stocks, futures or other securities referenced. All references are for illustrative purposes only and are not considered endorsed or recommended for purchase or sale by MC Trading. Trading Forex, Stocks and Options, Futures and any Commodity or ETF contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones financial security or life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results and no representation is being made that any account will or is likely to achieve profits or losses similar to those shown. MCTrading has taken reasonable measures to ensure the accuracy of the information contained herein and on this website, however MCTrading does not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or from an inability to access such information or any delay in or failure of the transmission or receipt of any instruction or notification in connection therewith.
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