Assessments / Blog

ES #F Trading range continues

Still trading in the range of the last Smart money down bar. 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 high in last up wave, was a Smart money up bar and price immediately reversed. It is a bit early to be reasonable certain, but this price action and volume at this stage looks a lot like a No demand situation, and if so, the previous up wave with the highest volume since May the 25th, looks like a Climatic buy situation, consequently a possible reversal down may occur. A little weakness is entering the market at the moment, so keep an eye on the Selling pressure. If it continues and there is follow through we should see another test of 2416.75 and also possibly the 2394.75 area.


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