Assessments / Blog

ES #F Still sideways and narrow

The ES continuous contract is still trading in a narrow range between 2416.25 and 2408. No bar closes above or below these ranges occurred, and the sideways price action is typical in an absorption phase. Volume Flow up and Buying pressure is developing, but so far it did not have a big effect on price movement. The MTF trigger is to the down side and a little weakness is developing, all mixed signals. A break above 2416.25 can spark a rally into the 2425 area and a close below 2408 can lead to a pullback into the 2402.50 to 2395.50 area.


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