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Newsletter / Blog
ES #F Possible Spring
Price went down yesterday as suspected and traded to a low of 2564.25 before reversing sharply. The smart money down bar at the last swing low formed a possible Spring that penetrated the previous down swing’s low, before reversing to a high of 2578 in after hour trading. From this high it went down and tested the 2568 area. If no bar close below 2568 and reverse upwards again the Spring will be confirmed and price will probably move higher for today.
Volatility and Buying/Selling pressure will be key to the next move. Volatility has eased and if it decreases further with continued buying pressure prices will move higher. If Volatility increase further with no significant Buying pressure, we should see further weakness in the market. We had no bar close below 2563.50 recently and if price stays above this level sideways to higher prices are likely.
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