posted 4.35a.m. est
pre-open comments 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 (872 & 830) which represent major pocs. Only two instances of Significant Selling marked during that period.
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.<<
Pre-open Wednesday 29th April
Buyers responded on Tuesday, once again below 2dayVA – at first level support. Value Area was overlapping and narrower. For the last six days I have marked no significant selling.
854 is now strong first level support. Price printing above that level puts ES in a strong position – I would not be looking for long below that level.
If ES prints below 854 today there is a possibilty of some backing and filling down to 845 but the swift rejection of the price probe down into Tuesday’s support at 841 would suggest that this level (841) would not be tested again today with Buyers in control.
