JOIN OUR MAILING LIST
Assessments / Blog


2017-02-09
ES #F Absorption?


From a high of 2295 the ES traded down to 2281. This previous down move lasted 11 points on volume of 1.32 million contracts, a lot of effort with not so great result, resembling absorption. The last bar in this down move (purple) was a Smart money down bar (smart money bars at lows resembles mostly buying at lows before next up move) with net buying as shown by the delta volume oscillator. The volume oscillator also turned up showing more buying coming in. The subsequent up move so far moved 10.25 points only on volume of 350120 contracts (lowest up  volume for some time), which shows an easy move up and buying dominating selling. We should break the previous swing high at 2295 as long as we have not a bar closing below 2281.50 (low volume node), but more sideways price action is possible. First upside target 2302.


 
 
Close