posted 07.50am EST
from pre-open analysis Wednesday 18th March
>>Buyers are in control and ES has not yet auctioned high enough to find a significant response from the sellers.
Stats suggest that Tuesday’s high will be exceeded today. 803 is 1/2 of the Jan high – Mar low range and we may well see that natural resistance level tested before sellers reappear.<<
pre-open analysis Thursday 19th March
Wednesday’s high was 804 which tested the natural resistance as expected.
As yet significant sellers have have not appeared.
Wednesday’s p.m. range was more than double the a.m. range and this is often an “exhaustion day” in a trend especially with significant buying on the previous day.
We may well see a test of yesterday’s high today but it is rare to see three consecutive days of significant buying activity and if there is a high test I would expect it to come early in the day rather than p.m.
Buyers are still in control but this is a good time for them to rest and force a selling response.
