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Newsletter / Blog


2017-06-13
ES #F No new swing low


The ES continuous contract traded one tick below 2417 before reversing up again. No bar close below 2417 and the last down swing drawn the heaviest Delta down volume since May the 17th, only to move 14 points. The previous down move drawn much less volume and moved more than double the length (31 points). A great selling effort without a good result, showing supply is tiring. On the Smart money down bar on the last swing low, Volume Flow turned to the up side and price reversed. A bar close above 2438.50 will probably lead to another new high. There is still some aggressive selling (Negative delta volume) on the current up move and it is likely that price will move sideways for a while. The 2417 level must be taken out with a bar close before supply will dominate again.

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