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ES #F Continuation upwards
No Selling pressure developed and price grinded upwards to new territory. The current upswing in progress drew 3.05 million contracts so far, the highest since October the 5th. Our target of 2589 set on October the 30th was reached yesterday.
At the moment Comparative strength is still strong and Volatility low and no signs of weakness. A bar close below 2575.75 can lead to weakness and any bar close below 2568 could attract more sellers. This scenario will not materialise unless Selling pressure develops and Volatility rises.
The next upside target (Elliott wave projection) is around the 2599/2600 area.
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