Technical Analysis – Market pre-open 25th January 2016 See previous comments. ES finished the week generating a Value Area entirely above the 1870 poc. Chart needs to hold this level, now First Levelo Support, but until Effective Buying (green) is marked I remain cautious in light of the longer term analysis which remains weak. First […]

Technical Analysis – Market pre-open 21st January 2016 ES printed a new low for this decline on Wednesday, testing below the 2015 low which attracted some buying. The intraday rally auctioned ES high enough to test our First Level Resistance at 1870, see yesterday’s highlighted comments and chart. Bulls would want to see ES back […]

Technical Analysis – Market pre-open 20th January 2016 See previous comments. Overnight ES has printed a new low for this move, below 1830. Pre-open it is printing above 1840 but the important level is 1870 so this is very weak price location. Bulls would want to see ES back above this (now Resistance) level as […]

Technical Analysis – Market pre-open 19th January 2016 See previous comments. On Friday SPY tested the Time Support at 187.20 but closed back above it. This price Supported in September and Bulls would want to see SPY hold this level. The equivalent level on ES is price area around 1870. I need to see “Effective” […]

Technical analysis – Market pre-open 15th January See previous comments. Buyers were active intraday on Thursday, see highlighted numbers, but an “inside” Value Area was generated so their activity was not Effective. ES has stalled this week with overlapping Vaue Areas being generated but until I see “Effective” Buying activity I will assume this is […]

Technical analysis – Market pre-open 14th January 2016 See previous comments. Sellers were active intraday on Wednesday, see highlighted numbers. An “outside” Value Area was generated but ES ended the session on its lows. Key Chart DIA closed below its major poc (64.00) on Wednesday. Bulls would want to see DIA recover back above this […]

Technical analysis – Market pre-open 13th January 2016 See previous comments. Pre-open yesterday I wrote re recent price action “whenever Sellers are active intraday they are effectively generating lower Value Areas”. During yesterday’s session Sellers were active intraday, see highlighted numbers, but a higher/overlapping Value Area was generated which means they were Ineffective in the […]

Technical analysis – Market pre-open 12th January See previous comments. Sellers have been (and most likely still are) in contraol of the dayframe. The recent red-at-bottom lows have all been tested the following day and whenever Sellers are active intraday they are effectively generating lower Value Areas. However, as I wrote yesterday, the market is […]

Technical analysis – Market pre-open 11th January 2016 See previous comments. Value Areas on Thursday and Friday were printed entirely below 1965.25 (1/R off last year’s high). This is weak price location. The breadth numbers, see below, are at levels that often suggest the market is oversold and ready for a bounce. At current levels […]