posted 9.28 a.m. est
Pre-open Monday 16th November
Friday didn’t quite see the test of Thursday’s day session low that was expected.
Last week I marked one instance of Significant Buying and two instances of Significant Selling. The poc for the week was found at 1088.5 (the middle). So in effect the market came higher from previous week and did a pretty good job of consolidating above the 1063/64 poc even though the Sellers were active – see the highlighted comment from last Tuesday.
Pre-open today, Monday, ES has probed above 1100. Twice we’ve seen Responsive Sellers stepping in around ES 1100 and that could happen again especially as there are less net new highs being recorded this time and with the Small Cap and Financial sector obviously diverging. Also the new ’09 high last Wednesday for the Dow and SP500 index was not confirmed by the broader based NYSE Comp. or the Nasdaq Comp.
The last imbalance was red (Significant Selling) so I’ll wait for Significant Buying to be marked before considering new longs.
