Pre-open comment Monday 15th June Note: this week I will switch to the September contract. Last week the 10mn poc migrated to 2107.00 but time spent at 2095.50 is almost the same and so I will monitor both levels as Time Support/Resistance. Pre-open today the September contract is printing below 2095.50 in a weak price […]

Pre-open comment Friday 12th June As anticipated, the 10mn poc has migrated to 2107.00. This is now the level to monitor and Bulls would want to see time printed above this level. More in webcast. Key Chart SPY found Support on Tuesday close to 207.92, its 9mn TS, and has rallied. potential Support or Resistance […]

Pre-open comment Thursday 11th June See Wednesday’s highlighted comments. Following Tuesday’s test of the 4mn VAL (dashed line) ES rallied sharply on Wednesday indicating that the distribution which began in March is still valid (i.e. still developing). The controlling price of this distribution is the same as the 10mn poc, i.e. 2098.50 and currently ES […]

Pre-open comment Wednesday 10th June See Tuesday’s highlighted comments. Tuesday generated a third consecutive Value Area below 2098.50, the 10mn poc. This is weak price location. Looking at the distribution within the current range (last four months within March low and May high) the Value Area low is currently 2075.00 (dashed line). If the distribution […]

Pre-open comment Tuesday 9th June Monday’s Value Area, like Friday’s, was printed entirely below 2098.50, the 10mn poc. This is weak price location. Aggressive Selling was marked and these red-at-bottom lows are tested within a day (or two) 80% of the time. For these reasons I am cautious here and at these levels will not […]

Pre-open comment Monday 8th June Last week enough time was spent at 2098.50 to migrate the 10mn poc to this level. No Significant Buying or Selling was marked but Friday’s Value Area was printed below this level and pre-open today ES continues to print in this weakened price location. Bulls would want to see ES […]

Pre-open comment Friday 5th June On Thursday ES probed the major Support. Enough time was spent around this area of price to migrate the 10mn poc to 2098.50. Following jobs data pre-open, ES printed as low as 2086.25 and rallied a little from there but still prints below the poc. Bulls would hope that ES […]

Pre-open commentThursday 4th June See previous, highlighted comments. During Wednesday’s session another early probe above the 2117.50 Resistance was rejected and overnight ES tested the 2100 level. Market is once again consolidating, although in a range higher than April’s, and looks to be “waiting” for the next event. This is likely at the end of […]

Pre-open comment Wednesday 3rd June See previous, highlighted comments. The two levels we were monitoring coming in to this week were the 2117.50 Resistance and the 2095.50 Support. So far this week they have capped price action top and bottom, see chart. However, enough time has now been spent at the mid point between these […]

Pre-open comment Tuesday 2nd June Both levels we are currently monitoring came into play. An early rally on Monday stalled at 2117.50, our First Level Resistance and overnight the Major Support at 2095.50 (10mn Time Support) was briefly probed. As I wrote last week “Bulls would want to any test of 2095.50 quickly rejected”. Price […]