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ES #F Low volume up move
The current upswing in progress has drawn the lowest volume since November the 13th so far, and we are still in Selling pressure territory. We also have Pullback/Reversal Warning signals with the market overbought at the moment. Caution should be taken as this signals occurred before the market open.
If Buying pressure develops with stable to decreasing Volatility, we should see another new high. If Selling pressure continues with sudden increase in Volatility, we should see a pullback to at least the 2539.50 area. A bar close below 2613.25 with sustained Selling pressure, will be a serious threat to the near term uptrend. A decent pullback can go as low as the 2584.25 level and a bar close below this level will reverse the medium term uptrend.
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