emini futures 20th November 2018 – after close from Chartprofit
On 10/29 there was a rejected test of 2605, the 12mn Value Area Low (VAL). ES then rallied and on 11/07 there was a rejected probe above 2806, the 12mn Value Area High (VAH). Both levels were identified on the chart before the event. Pre-open today I noted that the 12mn VAL had moved to 2634 (dashed line). During today’s session that level was tested, see chart. Bulls would want to see another rejection here and a rally – price acceptance (time) at or below this level would be a negative, it would suggest a new distribution (down) has begun.
