The VAH, dashed line on chart blow, was probed last week and rejected – and again this week.
I’ve been writing that “Acceptance (time) at this level or higher would be an indication that we are in a new distribution up”. The last 9 Value Areas have been printed above the Major Control at 4354 – that’s a positive.
In the ST: Yesterday I wrote that the 6week control had just migrated to 4568.0 and that price relative to that level was worth monitoring – above/below strong/weak on the minor time-frame. There was a probe above it early in RTH but ES fell sharply from there. Subsequently, enough time was spent at 4478 for the 6wk control to migrate down to that level and now, as long as ES holds that price, it is in a strong position.
