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ES #F And another new high
No significant selling pressure with no significant pull back as yet and another new high again. Just as Selling pressure developed yesterday, buyers emerged and Buying pressure took over. As mentioned before we will not see any significant pull back before significant Selling pressure develop on the Simplified Volume Oscillator. We had a reversal warning signal (Overbought condition with Selling pressure starting to develop) 4 bars ago on the Volume Flow and the market is still overbought. Usually a pullback or reversal must happen within 5 bars of the reversal signal, otherwise the signal is nil and void. Another Divergence condition developed (the 4th in a row). The anticipated pull back should be near, but we have to see a bar close below 2529.25 for a possible pull back to 2524.25, and a second target of 2517.25. A bar close below 2517.25 should bring in more weakness into the market.
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