Pre-open Monday 14th September
Last week I marked two instance of Significant Buying and the Significant Sellers were absent. That’s six consecutive up days (higher highs, higher lows) from the low on 2nd Sept.
First Level S/R is at 1024.5 for today’s session which is the 4week poc. If the auction up is strong that level should provide support.
Longframe analysis (webcast) suggests caution (negative divergences, overheated sentiment) but in the dayframe ES is showing little weakness yet. The bounce from poc support earlier this month, the Aggressive Buying (green at top) on Friday 4th and Thursday 10th and no response from the Sellers last week all indicate strength in this timeframe. Bears need to wait for Effective Sellers to re-emerge.
