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ES #F Up and down in a range
As warned yesterday prices traded into the resistance zone at 2433.75 to 2434.50 and reversed with a low of 2424. A Smart money bar with Positive delta (aggressive buying) occurred at this swing low and price moved up to a high of 2435 from here. At the moment price action is again at this important zone (indicated as thick red line at the right of the chart). If this zone does not hold and bars close above 2437 we could have another move up with a new high (taking out 2439.75). At the moment strength is coming into the market, but selling pressure seems to be dominating and Volume flow is more or less balanced (warning of volume flow up getting exhausted). A break of 2426.50 down should spark some more selling and a close above 2437 will probably lead to another move up. Be careful with your trades today as the market can react sharply to the testimony of Mr. Comey regarding his interactions with President Trump. “The testimony, which Comey is set to deliver Thursday in one of the most highly-anticipated Congressional hearing in decades”.
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