posted 9.12 a.m. est Pre-open Tuesday 2nd March Monday’s high was just above 1115, the level mentioned yesterday as the high of the cumulative Value Area of the last six months.  So this is a probe above Value and therefore may well be perceived as opportunity by the Sellers.  If so, we will likely see […]

posted 9.05 a.m. est Pre-open Monday 1st March For the last three weeks there has been no Significant Selling marked.  Buyers have been active and auctioned price back above the 1094 poc. Price consolidating above a major poc is usually a bullish pattern and ES spent the majority of time last week doing just that.  […]

posted 9.29 a.m. est Pre-open Friday 26th February Responsive Buyers were marked on Thursday quickly auctioning ES back above the major 1094 poc in fact as high as Wednesday’s poc (dotted).  This was not Effective Buying, the Value Area was lower and wider on increased volume.  ES will most likely find itself back at the […]

posted 9.24 a.m. est Pre-open Thursday 25th February Bulls made progress last week but the market currently lacks the conviction to drive higher away from the major poc (ES 1094).   Once again ES is printing close to that level.  In the longer timeframe all market action since early November has been centred around this level. […]

posted 9.29 a.m. est Pre-open Wednesday 24th February Tuesday’s range was below the level of Monday’s poc.  This reversed the pattern we saw last week.  Value Area was lower, wider and generated above average volume.  When a market is nervous it will quickly print back to the most local poc of any significance (value).  This […]

posted 9.19 a.m. est Pre-open Tuesday 23rd February Monday’s session generated a narrow, overlapping Value Area and very low volume.  There is little to add to yesterday’s pre-open comment except to note that ST sentiment indicators (see below) show some retail Bulls stirring at last – nothing to worry (contrarian) but worth watching over next […]

posted 9a.m. est Pre-open Monday 22nd February Significant Buyers were active again last week and there has been no Significant Selling marked for 10 days.  Almost all price action each day last week took place above the previous day’s poc (red dotted line) which is a good definition of up-trend.  The major poc migrated back […]

posted 9.29 a.m. est Pre-open Friday 19th February Significant Buyers were active again on Thursday (green-at-top).  The Value Area was overlapping and although wider than Wednesdays was only 4.8 whereas the 20day average VA is 7.8.  Volume was also up but again much less than the 20day average.  I have great difficulty classifying this as […]

posted 9.25 a.m. est Pre-open Thursday 18th February Wednesday generated a very narrow Value Area and very low volume (22 day low). That’s two consecutive days of narrower Value Areas and less volume so this is not obviously facilitating price higher.  Although Wednesday’s price action took place mainly above 1094 enough time was spent at […]

posted 8.58 a.m. est Pre-open Wednesday 17th February Tuesday’s high was 1094 – right at the poc resistance but it came late in the day and there has been no response from the Sellers.  Aggressive Buying (green-at-top) was marked although this was not Effective Buying; the Value Area was higher but narrower and the volume […]