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ES #F Effort with little result
Price made a new all-time high Yesterday at 2673. It came within 5-points of our target. It is interesting to note that a Smart money up bar (spinning top), which closed in the middle range of the bar, occurred at the last swing high with an average range. Increased volume was also evident on this bar at the swing high, a lot of effort with little reward for the effort, thus no ease of upward movement (Wyckoff principle meaning demand was spent).
Price is pulling back at the moment with Volatility increasing. Today is the FED decision on interest rates, which can be a market mover. No Selling pressure has developed on the Simplified volume oscillator as yet. Our first target to the down side if this pullback continues is at 2655. If selling pressure develop with increased Volatility the 2651 level could be tested. If Buying pressure continues our next upside target is at 2687.
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