posted 9.16a.m. est
from pre-open comment Monday 11th May
>>In the dayframe we are still waiting for an Effective response from the Sellers so Buyers remain in control for now……Bears need to see the Significant Sellers responding more effectively.
914 remains First Level S/R (support/resistance). <<
Pre-open Tuesday 12th May
Value Area on Monday was lower but very narrow and less volume was generated. No significant Buying or Selling was marked. First Level S/R at 914 was resistance during the day session – this is the level to watch. If 914 becomes support at some point (maybe today) we’ll most likely see a new high this week. I would not consider the long side if ES prints below that level and I’m not considering the short side until I mark Effective Sellers.
European – Dax & FTSE index futures are both trading higher today after testing Monday’s lows. That’s a short term positive.
Until ES prints value above 914 there is a possibility that it will probe lower to attract Significant Buyers. Note that Buyers have consistently responded when price has been offered below the low of 2dayVA during this rally. That level comes in around 907 for Tuesday.
