Talking ES

I have not updated this blog for a while and in that time, the ES has blown through the 1600 level and reached a new high of 1673 today. However, I think we may be in for a short term correction (shakeout) from tomorrow. 

The reason for this is that I noticed unusually large volume at 18:09 BST on the 1 minute chart with a CCH bar. We later had another CCH bar at the same level but it was unable to break through and then we had a little sell off going into the close.

Checking the 30 min chart, we had a low volume upthrust and this has given me more reason for thinking there will be a short term correction. So maybe over the next few days, we may see a correction to around the 1630 level giving a good place to go long.

Tomorrow is FOMC so anything can happen. We will see.

Here are some charts.