From yesterday’s note – “The Value Area Low of the LT price distribution is around 4200. A rejected test would be interesting but price acceptance at the VAL would be a further negative“. There was in fact a rejected test of 4200 (dashed blue) but I won’t be considering new longs if ES is printing below the 4353 Control. Bulls would want to see that price level recovered asap.
Time spent close to 4200 would represent acceptance and indicate a new LT distribution had begun which would be down, i.e. confirming a major change of trend.
