posted 09.24a.m. est
from pre-open Tuesday 21st April
>>If Buyers remain in control I would expect them to respond quickly and auction price back above 830. If they fail to do so it will be a big clue that control is shifting to the Sellers – confirmed if we see effective selling below 830.
Frankly, I thought there was a strong possibility of the rally extending in time through to the next time pivot in early May. But we have seen a swift rejection from 872 which was the major poc for many months – that is often a bearish development. I will not be long if ES prints below 836.<<
Pre-open Wednesday 22nd April
Buyers did respond not long after the open and auctioned price back above 830, confirming their control of the dayframe. Significant Buyers were marked generating a wider, higher/overlapping value area and more volume than Monday. Price probed up above the 7day poc at 846, late in the session.
When Aggressive Buying (green at top) is marked, the high of that day will be tested the following day, 70% of the time. Therefore we should expect Tuesday’s high at 848.75 to be exceeded at some point during today’s session. If it is not then we can assume the Buyers influence is slowing.
First level support is 836 which has already been tested pre-open.
In the unlikely event that yesterday’s low is broken, then 816 is the next important level. This is poc off the March low.
