Assessments / Blog

ES #F Smart money down bar

As mentioned on the 23rd and again yesterday a test of the 2459.75 area could happen. This is exactly what happened yesterday with the big Smart money down bars, after making another new all-time high at 2480.50, only a few ticks above the previous high. This price action was predictable to some degree as Volume Flow changed to the down side but price was still making a new high, the Volume simplified oscillator was showing a divergence with selling pressure present, and the last up wave was a low volume wave with the previous up wave before the low volume up wave, having the shallowest angle for quite some time, and down wave volume was increasing. At the moment there is still some Selling pressure present, with the Multi Time Frame Tool firing to the down side, but the Smart money down bar at the swing low drew some aggressive buying (Positive delta) with Volume Flow cooling down (Yellow arrows). A bar close below 2459.75 could attract some more sellers and the 2475.50 level to the up side should be watched as a bar close above this level can awaken the bulls again. One gets the feeling that the next move would be an important one to give further direction to the markets.


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