Hammer UP

ES has a high volume hammer on the daily. Any correction we get may be mild.

quote:

---

Originally posted by redsixspeed

ES has a high volume hammer on the daily. Any correction we get may be mild.

---

I don't disagree with you, but I think it's a pivotal correction. We rallied the full length of the last drop off and breached the tail end of it in a virtual one way contest. In a run like this that isn't done unless some market movers covered their 325 points from the top. After the overnight American bashing, dragging ES to below the Gap at 70 bid 7, I fully expect a rally to 97, and a test at 1302 before heading back south. I'm looking for a bottom to retrace 1441 after buyers lose every corner from 1302, and you'll want Dennis Peterson's zig-zag swing prediction .efs to catch that bottom.

To disagree? No problem here. I checked my ego @ the door a long time ago. If the ES hammer on 7/1 would have had lower volume I wouldn't pay that much attention. The more important number (IMHO) is the low set on 3/17 @ 1258.75. We traded thru and closed above that area on the daily. However; with crude, banking, election year, and news were getting from around the world??... Well I get up every morning make a plan and work it. Will technicals be able to call a bottom in this enviroment? I hope so cause I use them.