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Rejected test below value for emini S&P

Posted on June 29, 2016 Written by Chart Prophet

The emini S&P 500 briefly printed below its Value Area low on Monday.

This test below value was rejected and ES auctioned swiftly back to the controlling price of the distribution at 2041. Today it is printing above this level in a stronger price location.  Price action like this suggests that the distribution which began in February is still valid, i.e. ES has not yet began a new distribution.

click to enlarge graphic

ES price distribution 28th June 2016
ES price distribution 28th June 2016

Filed Under: emini SP500 (ES)

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