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ES #F Possible spring
As anticipated yesterday the weakness lead to a down move with a low of 2463.25, but there was no bar close below 2465.50. There is selling pressure at the moment but no follow through occurred and prices closed above the middle of the Smart money down bar and moved sideways. This price action looks like a mini spring from the 2468.25 resistance zone (3 day LVA). If buying pressure develop and the spring formation holds, prices should move higher from here. A bar close above 2476 would confirm this scenario. A bar close below 2465.50 would spark some more selling.
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