posted 9.22 a.m. est Pre-open Monday 12th April Friday’s First Level S/R at 1183.50 proved support.  Going into this week that 5day poc is the first reference level.  The’re’s enough Bulls for a top (see below) but ES is still showing typical Buyers-in-control behaviour. As I said last week “First indication of a trend change […]

posted 9.25 a.m. est Pre-open Friday 9th April I said yesterday that the “First indication of a trend change comes when poc levels become resistance rather than support”.  That did not happen on Thursday.  ES spent the whole day rallying (after an early test of the previous day’s low) back to the minor poc and […]

posted 4.30 a.m. est Pre-open Thursday 8th April There was no test of Tuesday’s green-at-top high on Wednesday.  80% of the time a green-at-top high gets tested the following day.  Also, Wednesday’s low was lower than Tuesday’s and it’s rare to see the low of a green-at-top day broken the following day. So there are […]

posted 9.25 a.m. est Wednesday 7th April There was Aggressive Buying (green-at-top) on Tuesday.  Wider (but overlapping) Value Area and increased volume (although volume was below average). Green-at-top strongly indicates that Tuesday’s high at 1188 will be tested.  Longframe: Sentiment indicators are getting very stretched, there are various negative divergences with overbought oscillators and price […]

Tuesday 6th April New high this week for ES.  Today heading up towards the 1190 target. Sentiment: AAII Bulls up from 32.4 to 41.3%; Bears down from 34.7 to 31.2%.  Other public polls I follow have also shown increase in bullishness. ISEE (equity only) index recorded five consecutive days above 200 with Monday at 276 […]

posted 9.28 a.m. est Pre-open Thursday 1st April ES made its low on Wednesday on the First Level S/R 1161.50 and rallied. That’s a sign of ST strength.  Wednesday’s Value Area was overlapping, once again, building value with 1168 developing as the poc.  Since the market came higher seven days ago there has been no […]

posted 9.25 a.m. est Pre-open Wednesday 31st March Tuesday’s Value Area was wider but overlapping Monday’s.  Volume was up but well below average.  ES is consolidating in a range with 1168 being the attractive price.  This is a market waiting for the next impetus.  Pre-open ES has printed as low as 1162.75 (following the ADP […]

posted 9.18 a.m. est Pre-open Tuesday 30th March Price around 1170 was resistance yesterday as anticipated. Buyers have now rested for four days at these higher levels looking for a response from the Sellers and so far there has been none.  This may give the Buyers confidence to step back in. Monday’s Value Area was […]

posted 9.27 a.m. est Pre-open Monday 29th March Last week I marked Significant Buying three times.  There was no Significant Selling. The poc at 1161.50 was developed further so this is still the obvious First Level S/R at the start of this week.  Sellers have still not offered an Effective Response.  If ES holds above […]

posted 7.20 a.m. est Pre-open Friday 26th March Note: yesterday’s graphic was incorrectly dated, apologies. On the index charts yesterday’s bar looks like a bearish reversal day but on the profile you can see that the Value Area was higher and wider on increased volume and the only damage so far was a slight probe […]