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ES #F Sideways indeed
As predicted yesterday the ES continuous contract traded sideways. Despite Buying pressure being present price could not exceed the 2469.25 level. At the moment we have Multi time frame alignment to the down side and if weakness develop and we get a bar close below 2456.50, we should see some more selling coming in. Follow through with selling pressure will be needed to push price below the 2445.50 area where some more selling will be attracted. A bar close above 2471 will probably lead to a new high.The $VIX also need to get above 12 and rising foe any substantial down move to occur. Also our Volatility Thermometer at the bottom of the chart shows no Volatility at the moment (grey) and Volatility needs to increase before and substantial move will occur.
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