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Assessments / Blog 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. 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. |