Pre-open Monday 12th October
Last week the Significant Buyers showed surprising strength early in the week (as noted pre-open Tuesday) and took control of the dayframe. There was one instance of Significant Selling last week, marked on Wednesday, but this was Ineffective – three instances of Significant Buying were marked.
The weekly structure was bullish with a relatively strong end to the week.
Friday p.m. there was a price probe down into the area of the 1063 poc which was quickly rejected and later in the p.m. a higher low at 1063 exact which set up the rally into the strong close. That’s all normal bullish price action; i.e. poc migrates higher, then support at that level.
1063 is the obvious First Level S/R for the start of this week. Pre-open ES has traded as high as 1076.75. Until the Sellers Effectively Respond from these higher levels I will assume that the Buyers are in control.
As you know my #1 rule tells me to never fade the most recent imbalance and that was Green (Significant Buying).
