Buyers active on Monday and Tuesday (green) effectively auctioning price higher. It will be interesting to see if price is rejected should there be a test of the Value Area High at 4588. Acceptance (time) at that level or higher would be an indication that this is a new distribution higher. In the ST there […]

Encouraging price action at the start of the week. Monday’s value Area was generated entirely above 4354, the major poc, and Significant Buying (green) was marked, see yesterday’s highlighted pre-open comment. Encouraging price action – but the 4354 Support must hold now.

Bulls would want to see the Support at 4354 hold Last week the major poc migrated lower to 4354 and as I wrote “Price above 4354 would be a safer position”. Currently, ES is printing above 4400. Significant Buying (green) marked above the poc would be a further positive but at a minimum Bulls would […]

Since 01/13 Effective Sellers (red on chart) have been marked four times. If Significant Buyers do not make a mark, Sellers will resume. On Wednesday the major poc migrated lower to 4354. It is now very important to monitor price relative to this level. Time spent above that Control would indicate that progress higher could […]

The major poc has migrated lower to 4354. It is now very important to monitor price relative to this level. Time spent above that Control would indicate that progress higher could be made but time below would be a concern for the Bulls. Pre-RTH ES has probed that level (currently Resistance) but is printing below […]

e-mini SP500 futures have recovered to a stronger position above the 4394 control as investors await the latest announcement from the US central bank. As noted on Friday, the major poc is at 4394. Value Areas on Mon and Tue were generated entirely below that level which is a weak position. Since the low on […]

Bulls need 4394 recovered as soon as possible to regain a strong position in the longer time-frame. As noted on Friday, the major poc is at 4394. A Value Area was generated entirely below that level on Monday which is a weak position. A strong rally saw the poc (now Resistance) tested but rejected. Pre-RTH […]

Bulls need to see ES recover 4394 asap As noted on Friday, the major poc is at 4394 and time below that level would be an indication of a major trend change so Bulls would want to see that Support hold if tested. At the RTH open today ES prints well below that level.

Sellers in control for now As suggested in yesterday’s note the lack of recovery after the test of the 3mn Value Area Low (dashed line on chart) was an indication of weakness. ES has now declined below 4450 and Effective Sellers have been active (red on chart). The major poc is at 4394. Time below […]

and price is accepted below the major VAL Two daily Value Areas have been printed below 4597, the 3mn Value Area Low (dashed line on chart). In a market with a bias higher, tests of major VALs or often quickly rejected but instead we have seen acceptance (time) below that level. I’m not looking at […]