A trade below 1449 (basis Dec.) in the ES puts it in an “elevator shaft”. I don’t know if the ES will test the recent selling tail (spike high) first, but if and when the ES tests 1449 the ES could trade sharply lower immediately. Note that even if this occurs, it will take a close below 1387 to give a high confidence signal a top of significance is probably in place.
Market Profile / Auction Market Analysis: ES – Overlooking an Elevator Shaft
by Tom Alexander | Sep 18, 2012 | Market Profile, Public Post | 0 comments