Pre-open Friday 16th October
The Buyers have been active for the last three consecutive days. That’s rare. This year I have never marked four consecutive days of Significant Buying activity and only twice have I marked three. I assume that after three days the Buyers need to rest and see what the Sellers have in the way of response. If there is a weak response from the Sellers then the Buyers can resume their activity with confidence. Based on that I would not expect to mark Significant Buying today but I never fade the last imbalance (my #1 rule) so I cannot look to be short until I at least mark Effective Sellers.
As I’ve said before it is rare to see Aggressive Buying (green at top) at the high of a turn down so I favour the idea that this week’s high will be tested in the near future.
