posted 10.10a.m. est
pre-open comments Thursday 23rd April.
>>Based on recent imbalances marked, I will assume that Buyers are in control and therefore expect support to hold (rather than resistance).
1/2Range at 847.5 (Friday High to Tuesday Low). This is the important level today. If ES can print above 847.5 we have to assume higher but as you know the first 1/2R from a high can be a big clue so I’m not considering long today if ES prints below that level.
830 remains the major level, see note bottom left.<<
Friday 25th April
Longframe:
To remain bullish in the longframe I need to see ES continuing to print Value Areas above 830 which it has done for 10 days now. ES tested down to this major level on Thursday and support was found just above. That can be a bullish pattern and it may set up strength into the early May time pivot. I’m concerned that USDJPY broke major support at 97.70 on Thursday and I’m concerned about some of the sentiment readings.
Dayframe:
In the dayframe it is nearly always wise to trade in the direction of the last imbalance and right now that’s Buying (Green) – so I’m inclined to eliminate the idea of being short as long as ES holds above 847.5 1/2Range.
