Pre-open Thursday 6th August
ES didn’t quite test Tuesday’s day session high (1005) although it will very likely today. It is rare to see Aggressive Buying (green at top) marking the top of a significant move. ES did sell off early in the day testing Tuesday’s low which is rare following a day when Responsive Buying is marked (green at bottom) but once again recovered fairly strongly. There is currently a minor divergence with NQ weaker than ES over the last few days – this due to the major 50% resistance on the ND100 chart as discussed in the webcast.
With the lack of Effective activity from the Significant Sellers (they’ve had plenty of opportunity) we have to expect higher but slightly higher prices could bring them out. Sentiment indicators are flashing some warnings of overheating (discussed sperately) which should make us cautious
