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ES #F Pullback and narrow range

ES #F Pullback and narrow range

The ES continuous contract made a pullback to 2426.25 just short of our 3rd target at 2424.75 before it reversed. The positive delta (aggressive buying) and the Smart money down bar after the swing low should have been a clue of the reversal upwards. Strength and buying pressure is developing and Volume Flow is to the up side. Beware of the big Trade resistance zone at 2433.75 where a lot of selling took place (indicated as thick red line at the right of the chart) and negative delta volume (aggressive selling) in the current up move in progress. This narrow price action can continue for a while and prices can reverse from 2433.75 to 2428.50 and 2426.50 again. Follow through to the down side can test the 2404.50 area again. A break of 2438 and 2439.50 should put the spring to the upside in action again.

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