ES reached a new high on Wednesday and the Value Area, although narrow, gapped higher and held above the level that Responsive Sellers stepped in a week ago (red-at-top last Wednesday).
Dayframe: Acceptance at a higher level like this is usually a positive but Thursday may well see more consolidation as ES is up into the 8dayVAH which has slowed price recently. Also hourly oscillators are down. However, should Wednesday’s poc at 1294 come into play early in the session as support that could set up more upside.
8dayVAH = 1292.50 8dayVAL = 1278.
Support = 1281.50 poc
Supporting Charts (+ or – or ? for equities)
+ EURUSD: Back in strong price location above 1.3087, the 1/2R off the June low.
+ UDX: Currently prints back below 80.15, the major 1/2R. This is a weaker price location.
+ TLT: Closest reference level is the 2month poc at 92.56. Chart remains weak below that level.
imo these charts have a positive bias for equities.
