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ES #F Spring board to new high
In our previous commentary we mentioned the possible Spring formation. It came back and tested the 2557.75 area before taking off to another new high. When it tested the 2557.75 area without forming a bar close below 2554.75 and reversed a safe long entry above 2563.50 could have been taken for a 17-point profit. The Volume flow dots at the bottom of the chart also confirmed a lot of Buying with price volatility increasing (confirming the Spring board).
Buying pressure is easing at the moment, probably due to profit taking. A bar close below 2555.50 will favour the Bears and a close above 2575.75 should lead to another new high. Our next upside target is 2589, with a possible retest of 2561.40. The current up swing in progress, drew more or less the same volume as the last down swing and some sideways action is possible from here for some time.
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