posted 9.29 a.m. est
Pre-open Friday 20th November
Immediate weakness from the open on Thursday. Haven’t marked Significant Buying or Selling for five days now – but that’s what kept me from initiating new longs; the last imbalance was red. No great expansion in the Value Area yesterday but the volume was up.
The dollar strength, bonds strength theme might play a bit here – I’m watching the support trendline on the EURUSD shown earlier in the week, low of the day right there at the moment and the 94.70poc on TLT (currently 94.99).
The ES 1088.50 poc mentioned yesterday as potental support is the level to watch today, ES currently printing pre-open just below. If ES struggles to print above that level early on then there could be a weak end to the week. In any event I will wait until I’ve marked the Buyers activity as Significant (green) and Effective (higher, wider Value Area) before considering the long side. Too much risk downside. Next major support from this analysis is the 1063/64 poc.
