posted 9.29 a.m. est Pre-open Wednesday 9th September Tuesday’s Value Area was higher but very narrow generating less volume.  The negative is that a narrow day like this does not indicate trade is being facilitated higher.  The positive is that Tuesday consolidated above 1015 (see yesterday’s comments). Pre-open today ES has again probed up into […]

posted 9.29 a.m. est Pre-open Tuesday 8th September Sellers were unable to auction ES convincingly below 994.5 last week. The poc support held which was the first test of Selling strength.  Last week I marked two instances of Significant selling and two of Significant Buying.   It took the Buyers more than three days to retrace […]

posted 9.29 a.m. est Pre-open Friday 4th September Thursday’s Value Area overlapped Wednesday’s and there has been no Significant Buying or Selling to mark for two days, both of which were on declining volume. This looks like Sellers Resting – offering an opportunity to the Buyers which they have not yet taken. If Buyers do […]

posted 9.27 a.m. est Pre-open Thursday 3rd September The poc at 994.5 developed over seven weeks so it’s significant.  It’s the level where most market participants have found a fair price or “value” over that time period.  Over the last four days the Significant Sellers have been active and successfully auctioned price back to value […]

posted 9.28 a.m. est Pre-open Wednesday 2nd September Tuesday was the first Effective Selling day since the July low. Value Area was lower and wider on much higher volume than we’ve seen recently.  Tuesday’s total ES volume was 3,249,260 compared to a 10day ma of volume of 1,994,613.  (Nyse saw nearly five times more declining […]

posted 9.27 a.m. est Pre-open Tuesday 1st September Monday’s Value Area was lower and narrower on slightly increased volume. The whole day was spent below 1026.5.  Imbalances over the last six trading days now equal out at three instances of Significant Buying and three of Significant Selling.  Interestingly, all six imbalances represent Ineffective activity; typical […]

posted 9.00 a.m. est Pre-open Monday 31st August Last week I marked three instances of Significant Selling and two instances of Significant Buying so there is currently a lack of directional conviction with any move away from the current controlling price at 1026.5 attracting selling from above and buying from below.   As noted on Tuesday, […]

On Wednesday thestreet.com featured an article by Doug Kass (hedge fund manager) who is calling a top. Kass: Market Has Likely Topped They ran a poll and as of today 69% readers say they agree with Kass. That sits very well with the sentiment seen in the AAII public poll this week where there are […]

posted 9.29 a.m. est Pre-open Friday 28th August Thursday turned out to be an outside day as the Buyers turned the early sell-off around and auctioned ES back up above Wednesday’s day session high.  The low of the day did little more than probe briefly down into the high of the consolidation that began earlier […]

posted 10.29 a.m. est Post-open Thursday 27th August I was ready to post before the open as usual but not happy to do so. Market action was such that I delayed. After the open today QQQQ trades back below its Major 1/2 level (40.06). This is significant. ES range for the week has expanded lower […]