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ES #F Grinding higher
Price traded to a low of 2620 on the last swing low on December the 6th and find resistance at these levels mentioned on December the 5th. Since then price grinded higher to the current price of 2656 just 9.25-points from the all-time high at 2665.25. Volatility decreased during this time.
Volatility is stable at the moment and at relative low levels. Should Volatility rise again we should see a pullback. If Volatility remains stable, we should see another high around the 2679 level. Price is at the top of the trend channel on the weekly chart, but shorter term there seems to be a little more room to make another new high. A divergence exists to the down side on the Simplified Volume Oscillator and if Selling pressure develops we can see a pullback to the 2644.50 to 2636.25 level.
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