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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.
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