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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.


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