S&P 500 futures losing momentum
The momentum in the S&P 500 mini futures (ES) has slowed since last Monday.
Even though every dip was bought last week and the price was pushed back up for closing every day, the market strength is becoming weaker, as shown by the inch-by-inch struggle to make higher highs.
As soon as a strong reversal signal appears the short term correction should start.
ES has an extremely overbought condition for the short and and intermediate term. And the price is close to a major resistance level. A small pullback or correction should be expected soon.
Our HFT favors the buying side this week. Our selling numbers for this week are 1526.50 and 1529.00. The buying numbers are 1501.25, 1490.25 and 1484.00
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Daily Chart – ESH3
Click to enlarge
