Pre-open Friday 9th October
The 4wk poc migrated up to 1063 from 1059. That’s the new reference level. A poc migrating up is usually a bullish event as it shows an acceptance of higher prices; but not always. It depends how ES behaves. I’ve often seen a poc migrate to a higher level which and become resistance to price. Thursday though held up above 1059 which I thought would be bullish and as I write the pre-open low today is 1058.5.
HiLo Range this week so far is greater than average so there’s not necessarily an expectation of range expansion higher. There’s also gaps this week that have a tendency to be filled. That may happen if ES cannot consolidate early above 1063.
