posted 5.10 a.m. est
from analysis Tuesday 24th March
>>until we see effective sellers responding I will assume buyers are in control and eliminate the short side<<
Sellers closed the session below the a.m. range but the value area was higher/overlapping and narrower. This looks like typical backing and filling after a strong day of buying – an ineffective response from the sellers with buyers resting.
As per comment on Tuesday, buyers are in control and I will not consider the short side until effective selling activity is seen.
801 ES June is an important level, 1/2Range JanHigh to MarLow, even more so because we saw resistance at this level on Wednesday and Thursday last week.
I’m thinking we’ll see a test of Monday’s high but I’d want to see ES hold above 801 or test below it and recover quickly. Building value below 801 would make that high test less likely.
Public sentiment is getting increasingly bullish day to day – and that’s usually an early warning.
