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Assessments / Blog
ES #F Supply
On the 13th we mention the large volume with not much gain for the amount of volume, a sign that demand was spend and supply entering the market. The pullback from the high of 2675.50 to the low of 2651.75 on the last swing low (23.75-points or $1187.50 per contract) was the result and our downside targets set on the 13th of 2655 was met with ease. This move was also confirmed by our Comparative Strength tool, demonstrating weakness, the Multi Time Frame Alignment tool down and Simplified Volume Oscillator, showing selling pressure.
Price is moving sideways to up at this time, still in Selling pressure territory and we expect a pullback from the last swing low to around the 2663.25 to 2667.25 level. Should Selling pressure continues, a move down to 2646.25 can occur, and with follow through it is possible to see 2620 being tested.
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