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ES #F Supply
Hope everyone had a blessed festive season! Volume during the holiday period has subsided, but it seems that some supply is entering the market. The last up wave had Negative delta volume (selling) with Volume flow pointing to the down side and has a very shallow upward angle. The Multi Time Frame tool has fired down, with some Selling pressure and Volatility is increasing, with lower highs coming in. All signs of Supply entering the market.
If a bar close below 2679, with sustained selling pressure we could see the 2651.75 level being tested. With continued supply, we should see this target early in the new year (around the 2nd of January 2018). A close below 2651.75 could see longer term support at 2605.00. Keep a close watch on wave volume on the Wyckoff wave tool and Selling/Buying pressure to confirm your trades.
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