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ES #F More Selling
Yesterday price moved down to a low of 2562.25 but no bar close below 2566.75 occurred and price advanced sharply from the low to close on a high note at 2577.75. The Smart money down bar at the swing low attracted more Buying (Positive Delta) and formed a Mini Spring and advanced upwards. The broader market experienced more Selling in this advance higher. It can be the result of profit taking, but we are not convinced that a substantial advance to the upside will take place, due to the amount of Selling during the advance higher. At the moment the market is neutral with a slight advantage to the Sellers. The Employment report is due later today and can be a market mover. If there is no follow through to the upside with Buying pressure, expect another down move. A bar close below 2566.75 can lead to a larger Sell-off.
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