posted 09.15am EST
from pre-open analysis Friday 13th March
>>Buyers are in control of the daily timeframe. There has been no significant response from the sellers, 768 area may bring a response. Thursday’s profile suggests continuation higher today; i.e. most of today’s day session is likely to be in an area overlapping/above Thursday’s value area 717-741.
There’s a good possibility ES will close this week above the previous week’s high and that hasn’t happened for 9 weeks. A close today above Wednesday’s high at 732.50 would also be a bullish indication for continuation.<<
pre-open analysis Monday 16th March.
Friday’s value area was higher than Thursday’s, as expected, but narrower and with less total volume. I suggested that sellers might respond in the 768 area and we reached that level pre-open today.
I recorded two instances of significant buying activity last week and one of significant selling. Thursday saw buyers active and effective, generating a higher wider value area and more volume. Buyers are in control of the dayframe. ES closed the week above the high of previous week (actually two previous weeks) and also above Mon-Wed range. This is strong price performance.
Monday is always the hardest day to predict but if sellers reject a probe into the 768 price area quickly today then we may well see some backing and filling early this week, possibly focused around 752. Hourly oscillators are a little overbought.
Unless we see significant selling activity (red) and sellers taking control back from the buyers I’m anticipating more upside – reasonable target being the ES January low at 797.
