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Assessments / Blog
ES #F Buying and no rally?
We were wrong, the Buying pressure that developed yesterday did not result in any significant upward price movement. Is the Smart Money Selling into the Buying, absorbing the demand? It looks like the market is consolidating, with volatility ($VIX) rising. A move by the $VIX to the important 12-point level will bring more uncertainty into the market and can lead to more weakness. Price is trading near the important 2562.50 area and a bar close below this level will lead to more weakness and the next level of significant support is at the 2556 area. To the upside a bar close above 2571.25 will probably lead to a new high again. Keep in mind that it is earnings season, so be prepared for more volatile swings and surprises.
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