posted 9.28a.m. est
from pre-open comment Wednesday 10th June
>>As long as ES holds above 941, higher prices are likely in the short term with 970 or just above as a target. Effective Selling below 941 would suggest a shift in control to the Sellers and considering the increase in bullish sentiment recently I have to admit I’m looking for it. For now though Buyers remain in control of the dayframe and have been since March 12th.<<
Pre-open Monday 15th June
ES has probed four times above 948 and failed to close there.
Last week I marked one instance of Significant Selling and one of Significant Buying. I would classify them both as ineffective. Friday saw a response from the Buyers (who had been absent for five days) but it was ineffective.
Since the market opened at a higher level on Monday June 1st neither Buyers nor Sellers have been dominant enough to auction ES away from 941, which is the centre of the price range from that point. Average volume is now declining. Price will move off soon I am sure. We need to look out for the first Effective activity. Either the Buyers above 941 or the Sellers below 941.
I’m guessing Sellers win out here and control changes, but that may mean a fake move higher first.
