Pre-open Friday 28th August
Thursday turned out to be an outside day as the Buyers turned the early sell-off around and auctioned ES back up above Wednesday’s day session high. The low of the day did little more than probe briefly down into the high of the consolidation that began earlier this month (QQQQ as well probed below the major level described in the webcasts and jumped back above).
1026.5 is now doubly important as this week’s controlling price and 1/2R from Tuesday’s high. As long as ES holds above that level I’m expecting that the Significant Buyers who responded aggressively to weakness again yesterday will auction it higher.
