ES Update

Well, ES came down to the demand zone near the 1630 level, I had on the daily chart (on my last update) and bounced up nearly 25 points before coming back down and testing the recent low then bouncing back up on Friday from a demand zone created on the previous down move (see 100K vol chart).

If what we have seen on Wednesday is really a buying climax, then price has to break through the demand zone with force.  If it does, then the next demand level is around 1590 and then eventually 1480, but this is assuming that we have witnessed a buying climax.

If it was not one, then we should start going back up. However, we know that the Smart Money usually use the Bank Holidays to move price and we may see it this week.

Here are some charts from Friday.