Pre-open Friday 13th November
I marked Aggressive Selling on Thursday (red-at-bottom). Therefor we should expect Thursday’s day session low (1082.5) to be tested today (8 out of ten occurence). Value Area was overlapping/lower and taller on increased volume.
The minor poc for this week so far is emerging at 1088.5 which is at the halfway point of this week’s range – that is quite normal and gives us a short term reference level for today. If ES finds it difficult to print above 1088.5 early in the session I would be looking for that test of Thursday’s low. I’m not interested in the long side today as the last mark was red (selling). The rydex timers looked to be buying the weakness on Thursday which also suggests to me that more downside is very possible.
