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Assessments / Blog
ES #F Buying pressure
Yesterday’s Selling pressure was overcome and Buying pressure developed, leading to a new high as expected. The current upswing in progress moved only 14.75-points so far, the lowest of all the up waves since October the 19th. The upward thrust is shortening and IF price reverse from here with Selling pressure developing, the current up wave will scream No Demand which will lead to a pullback in the market. However, volatility dropped yesterday which set the stage for another move higher.
Follow through in Buying pressure should push prices to another new high. If selling pressure develops and a bar closes below 2580.75 it can lead to more weakness. A close below 2563.50 will damage the near term uptrend. The Expected range today is 5.75 points.
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