posted 7.05am EST
from at-open analysis 03-03
>>I wouldn’t be foolhardy/brave enough even as a daytrader to attempt a long here but In the very short term (today) ES needs to print/hold above 713 before even a relief rally could be anticipated. More information needed. There’s not enough data since the gap open yesterday for me to make a judgement.<<
712 was the high during the day session Tuesday. Pre-open hour tested up to 714.50. As I write (three hours before open Wednesday) we’ve seen a rally up to today’s resistance zone 705-707. If ES manages to consolidate above this area the rally may extend but that’s unlikely. We saw significant selling late yesterday, with the day session closing near the lows. A lower/overlapping, slighty narrower value area was generated with more volume. That doesn’t indicate much of a response from the buyers. Stats indicate that any probe above yesterday’s value area high at 705 is likely to find sellers responding. It’s unusual to see a decline of any degree terminating on a day with significant sellers active like yesterday. I’m not interested in the long side on any timeframe until we see significant buyers responding.
