The VAH, dashed line on chart, was probed last week and the week before – both rejected, see comments 2nd Feb, on chart. In Summary, ES has tested the VAH and now the poc at 4354, of the major distribution. Bulls would want to see that Support hold; time spent below 4354 would be a negative on the longer time-frame.
The most recent imbalance was Friday’s Aggressive Selling which eliminates the long side for me. 4520.5 is the high of Friday’s sell day and a RTH close above that level would negate that Selling imbalance.
ST: There is minor 8day Resistance at 4457.0 and more important Support (6wk) at 4413.0. Watching price relative to these levels.
