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ES # F Sideways again
Some buying pressure developed and it followed through to the up side, with the result that the ES continuous contract came within 1.50 points of the all-time high yesterday at 2402.25. After the second Smart money bar at the last swing high, which traded within the range of the previous Smart money bar, prices drifted sideways. This sideways price action after trading within the previous bar’s range, suggests the market is balanced and winding up before the next move. Selling pressure is developing and a pullback to around 2393.25 to 2390.50 is expected. A bar close below 2381 can lead to a larger sell off. The sideways action can continue for a while before a pullback of some sort and continuing higher.
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