Pre-open Friday 24th June
Pre-open Wednesday 10th June I wrote:
>>As long as ES holds above 941, higher prices are likely in the short term with 970 or just above as a target.<<
That was the only upside target I mentioned since the start of June. What happens now?
Significant Sellers have not appeared for twelve days now. That’s very stretched. I would anticipate that the Buyers will rest and try and force a response from the Sellers – but with the Buyers so clearly in control that is a best guess.
The market is overbought with the 11 day RSI above 73 and the VIX at a new low again yesterday.
If Significant Sellers do not respond up here and ES holds around 970 then I see higher prices but this is a good level for the market to pause at least.
