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Assessments / Blog 2017-06-19 ES #F Trading range The ES continuous contract traded in a volatile big trading range the past week (between 2443 and 2416.75). A break (bar close outside) of these levels will be necessary to confirm a bullish or bearish control of the market. The down swing that ended on the 15th attracted the heaviest down volume since May the 17th. A little buying pressure is entering the market at the moment, but Volume Flow is to the down side as well as the presence of aggressive selling (Negative delta) in the current upswing in progress. If selling pressure take over again and weakness enter the market, we could see another down swing. If a bar close below 2418.75 occurs, we should reach the 2416.75 to 2415.50 area (our first target), with the second target at 2400.25, according to our proprietary reversal pattern system. The first target of 2415.50 should be reached around the close of the market tomorrow. A break above 2443 will confirm the continuation of the uptrend to new highs. RISK DISCLOSURE: The information delivered here is for educational purposes only and is not intended to be a recommendation to purchase or sell any of the stocks, futures or other securities referenced. All references are for illustrative purposes only and are not considered endorsed or recommended for purchase or sale by MC Trading. Trading Forex, Stocks and Options, Futures and any Commodity or ETF contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones financial security or life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results and no representation is being made that any account will or is likely to achieve profits or losses similar to those shown. MCTrading has taken reasonable measures to ensure the accuracy of the information contained herein and on this website, however MCTrading does not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or from an inability to access such information or any delay in or failure of the transmission or receipt of any instruction or notification in connection therewith. |