Assessments / Blog

ES #F New all-time high

Yesterday the market initially tested the 2426 area, but there was no follow through of the initial weakness and could not break the 2418.75 level. Strength entered the market (the Smart money down bar and Positive delta on this bar should have been a warning for aggressive buying that entered the market) and reversed to an all-time new high of 2451.50. If the market reverse from here without any new highs, the reversal pattern on the longer term to 2402 may very well play itself out, if the 2436.50 level to the down side is broken. However, the Elliott wave projection to 2459.25 at the top of the 4hour channel can be the next upward target level. A pullback is likely as we have divergence to the down side on the Volume Simplified Oscillator and Smart money up bars at the swing high.


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.