The ESM13 contract failed to make a bullish breakout today on the weekly profile, which generated the sell signal at 1527.00. The ESM13 then proceeded to sell off and is currently trading at 1506.25 area a nice 20 point move. The market presented a breakaway gap on Friday and buyers came in driving price heavily to the upside. Most traders were still looking to get long or buy the retrace move. The signal to sell which generated on the weekly profile after the ESM13 failed to make a bullish breakout, kept traders from falling into this bull trap. Expect some support in this area down to the 1497.00 price level, then look for a swing move to occur between there and 1518 area most likely. We will only take trades that are generated by the Zone-Trader Rules but if the rules generate an order in those price areas we will look to get in there. Keep eye out for next signal. Chart of Weekly Profile is below.
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