posted 7.50a.m. est
from pre-open comment Monday 27th April
>>First level support is 841 going into today’s session. Pre-open ES has traded down to the 1/2Range at 847.5. Based on the dominance of the Buyers at the moment and the ineffective response seen from the Sellers we have to expect further upside as long as the major poc holds at 830.
Even though the Market is very overbought we could see an acceleration up into the early May time pivot (next week).<<
Pre-open Tuesday 28th April
Pre-open ES trades around first level support at 841. Last twelve days have been in a range between the two bands shown on the chart which represent major pocs. Only two instances of Significant Selling marked during that period.
There is very little to add to yesterday’s comments above. Bulls should look for ES to show better price location by printing back above 847.5 which is the current 1/2Range.
Market could well be following the pattern of the last few weeks which is relative weakness at the start of the week followed by strength. I will assume that’s the case but everything changes imho if ES prints a Value Area below 830.
