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Assessments / Blog 2017-05-12 ES #F Pullback as expected The steady weakness with 2 low point up waves and selling pressure indications we warned about yesterday, was the clue and a pullback to exactly 2379 occurred, before bouncing upward again. This resistance area we identified and warned about on the 10th “A break of 2387.75 to the down side can lead to more weakness to the 2379 and 2376 resistance area.” The sharp reversal to 2391.25 when hitting 2379 and the fact that there was some aggressive buying (Positive delta volume) when prices hit 2379 on the Smart money down bar at the last swing low, can be the result of either profit taking or that these levels were attractive for buyers and bought into the down move, absorbing the supply at these levels. A little buying pressure developed on the 234 minute chart, but there is still some weakness present at the moment. On the daily chart the Volume Flow to the down side is weakening. A bar close below 2379 can lead to further weakness, but some sideways price action is possible for the near future. A close above 2395.25 can put the Bulls in control again. For trading ideas and tips, join the FB 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. |