posted 9.08 a.m. est
Pre-open Monday 15th March
Note that I now follow the ES June contract.
Last Week I marked three instances of Significant Buying and no Significant Selling. I have marked no Significant Selling since since Thursday 4th February.
Last week the Significant Buyers were active. On Tuesday and Thursday they responded to price probes below the low of the previous session and quickly auctioned price higher. Friday closed above the high of Mon-Wed range, as did the previous week, which is bullish weekly structure.
The SP500 index tested its Jan high on Friday (see chart left). Can the Large Cap index break out and hold here as the Nasdaq and R2000 indices have already done? Market is overbought, SPX RSI (14dy) hit 70 on Thursday.
With the Weekly Market Timing Charts positive, no sign yet of a response from the Significant Sellers and Sentiment indicators showing that Bulls are appearing but not yet to a worrying level we have to assume higher at least until some Red (Significant Selling) is marked.
First Level S/R to start the week is ES 1140.
