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Assessments / Blog

ES #F No new high

The ES continuous contract continued to trade up and down in a range. No bar closes above the important resistance level at 2434.25 warned about yesterday occurred and price came within 0.75 points of the all-time high, but failed to make a new high and reversed from here. On the Cumulative volume oscillator the diminishing up wave volume is clearly visible, since the all-time high. There is still a lot of Selling pressure, but Volume Flow has diminished with an Exhaustion warning. It looks like demand is tiring at the moment. Targets to the downside is 2428.75 and 2426.50. A bar close below 2426 should spark more selling. To the upside a bar close above 2438.50 can get the bulls running again.

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