posted 10.17 a.m. est
Post-open Monday 26th October
Following is the pre-open comment from last Monday (19th) and could describe the situation this Monday, almost exactly:
>>Today’s First Level S/R at 1088.5 is the key for the start of the week. If ES opens above this level and holds then a test of last week’s high is very likely. If that occurs then maybe a test of 1100 will bring a response from the Sellers. Buyers are in control of the dayframe. Sentiment Indicators are getting overheated though<<
Last week was a narrow HiLo Range week. I marked two instances of Significant Selling and one of Significant Buying. The Selling Imbalances were marked on Wednesday but this was Ineffective Selling as the Value Area that day was overlapping/higher.
The price action last week showed a lack of directional conviction from both Buyers and Sellers. 1088.50 remains the First Level Support/Resistance. I will wait for Effective Buying above or Effective Selling below that level as an indication of how this nine day consolidation will resolve. At the moment ES is building increasing value (time spent) at 1088.50, in fact as I write (10a.m. est) price prints back at that level as the high so far today.
