posted 9.27 a.m. est
Pre-open Friday August 21st
Analysis worked well for Thursday. The low of the session came very early at 994.25 and ES worked higher all day. Once again the weekly structure looks bullish with relative weakness coming early in the week and relative strength towards the end of the week.
Thursday’s Value Area was higher but narrower on less volume.
994 remains the key level but last week’s poc at 1005 could now become support if ES is to maintain the auction higher in the near term. Hourly ocscillators are getting overbought which suggests there may be some consolidation at least but today is options expiration which is often a volatile day.
Until I mark Effective Selling (not seen since the July low) I’m not interested in the short side.
