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ES #F Will it hold?
The ES continuous contract closed Friday around the 2500 level. We mentioned on Friday morning that a break of 2492.75 (bar close below) will be needed for further weakness to develop and down ward follow through to occur. We did not have a bar close below that level and Buying pressure developed, pushing price to a high of 2501 on Friday. It also did not go through the 2501.75 level warned about on Friday. A Smart money up bar formed at the last swing high. The current upswing in progress drew 938540 contracts and moved 9 points. If follow through to the upside do not materialise, and price reverse below 2492, we could see some more weakness and a test of the 2487 area. A bar close above 2501.75 should lead to another new high.
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