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ES #F Selling pressure
Initially price continued higher Yesterday to a new high of 2593.50, before Selling pressure developed. The low for the day was 2579.75. Volatility for the day increased by 0.49 points or 5.21%. We had no bar close below 2575.75 which can lead to more weakness. The current upswing in progress drew 3.75 million contracts so far, the highest since October the 5th and can be indicative of a Buying climax if price reverse from here, but time will tell.
A bar close above 2589.75 will probably result in another new high. Keep an eye on the Simplified volume oscillator and if Buying pressure develops the uptrend is most likely to continue. Any bar close below 2563.50 with sustained Selling pressure and a rising $VIX will damage the Bullish story. At the moment Volatility has stabilised and the Expected range of the ES today is 5.80 or rounded to 5.75 points as measured by our proprietary Market Volatility Meter, shown at the bottom of the chart.
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