Pre-open Friday 5th March
All previous comments above are relevant.
Thursday’s session generated another overlapping Value Area on low volume. ES 1118 has emerged as a minor poc over the last three sessions and is the First Level S/R today. Note that Monday’s poc at 1113 (dotted) was not tested during that period. Pre-open ES has printed as high as 1131.50.
There’s been no markable response from the Sellers even though ES prints above the high of six months Value Area and that’s a positive. However the hourly chart is overbought and and I choose not to chase this until there’s some more green (Significant Buying) marked.
ST sentiment: On Thursday my version of the Rydex Assets ratio was almost unchanged at 1.36 which is low relative to the range of values over the last few months.
