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2017-07-05
ES #F Still sideways


As mentioned on 30 June 2017 the ES came within 2 ticks of our target of 2401.75 calculated according to our proprietary reversal pattern and identified on 20 June 2017 (see http://www.mctrading.cc/wnewsdisp.php?subject=es-f-pullback-as-expected&id=23203). The ES has traded within the range of the big Smart money down bar that ended the down swing on the 29th of June and trading can be described as neutral at the moment. A break below 2416.75 is needed to spark some more selling and likewise a bar close above 2436 to the upside will get the bulls going again. The previous up wave has drawn volume of 3.16 million contracts, the highest up wave since may the 25th, resembling either a climatic action (end to rising prices) or a start of some sort of bullish behaviour with buying to dominate soon. It is difficult to predict which way the market will go next, but A little weakness is developing at the moment and it is likely that the 2401 area will be tested again. Volume Flow is down at the moment with a Multi Time Frame Trigger to the down side. Watch out for Selling pressure to develop and if there is follow through we can also see the 2394.75 level being tested.

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