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ES #F Trading at Resistance
Volatility increased Yesterday after price went sideways initially and after a bar close below 2639.50, moved 12.25-points down to a low of 2627.25. Selling/Buying pressure are more or less equal at the moment. We can expect resistance at the 2525.75 to 2619.75 level. The mini spring formation from the 2619.75 base line is still valid. The down swing from the high to the current level looks like a test of these levels and an upswing from here will confirm the formation and price should trade higher to a new high.
In our view the market is at an important level at the moment. An upswing from the current level and bar close above 2652.75 will get the Bullish story on track again. A new high around 2693 is possible if this scenario materialise. If the 2619.75 level is broken a deeper pullback to as low as 2584.25 is possible. A bar close below 2613.25 with sustained Selling pressure, will be a serious threat to the near term uptrend.
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