posted 09.29a.m. est
Pre-open Thursday 30th April
>>ES has broken above the 872 level which has capped it three times.
An acceleration up was expected based on recent price action. The next few days will answer important questions about this rally….
Will ES hold above 872 as it did above 830 and prove this rally has more to it? or is this a bull trap?<<
Pre-open Friday 1st May
Significant Sellers responded on Thursday generating a wider Value Area and more volume.
Re a day following a day of Aggressive Significant Selling (red at bottom). 70% of the time the previous day’s low is broken during the day session. That would put ES below the major level at 872 which is also First level support/resistance. Obviously I would not be considering new longs below that level.
There will be useful information generated today for the longframe:
Do the Buyers respond as they have been?
Will the week end strongly as it has a tendency to do in a rally?
Will Effective Significant Selling be marked? That may put them back in control and that may be significant as we move into the time pivot over the next few days.
