Friday Session After Thursday's Divergent Equity Index Action. A Look at ES
|ES (Emini S&P 500) is under pressure this morning, after managing to circle unchanged for most of yesterday's session despite weakness in the NDX and the Russell Small Cap indices.
Today's weakness reflects the first meaningful selling pressure in the past 11 sessions, but so far has not inflicted significant technical damage to the nearest-term uptrend, off of the Jan 31 pivot low at 2262.25.
To do so, ES will have to violate 2338-2337 on a sustained (closing) basis, which will trigger initial signals that the 100 S&P point upmove during Feb is taking a breather.
Such a scenario will point ES towards 2300 initially.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.