posted 07.40am EST
from pre-open analysis Monday 16th march
>>..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.<<
pre-open analysis Tuesday 17th March
Monday was the sixth consecutive day with a higher value area. I recorded no significant buying on Friday or Monday so sellers were given opportunity they did not take. Sellers did extend the days range lower in the pm on Monday but only down to support at 752 – this is not significant.
Until effective selling is seen I am making the following assumptions:
Buyers are in control on this timeframe.
If time is spent printing in the area of 752 then we may well see value building and sideways price action for a while.
More bullish would be if 752 again provides support (see also hourly channel support) or, if a probe below 752 is quickly rejected.
