posted 6.45 a.m. est
Pre-open Monday 17th August
I have marked no Effective Selling since the July low. The only day since the July low that Significant Sellers were marked was on the 6th August but their activity was not Effective (see above). Last week I marked two instances of Significant Buying and no Significant Selling.
ES has stalled, working off its “overboughtness” and trading almost exactly where it was on the Monday open two weeks ago. No technical breakdown yet though and Buyers are still in control of the dayframe. That would change if we see Effective Selling below the First Level S/R at 994. I will only initiate new longs above 994.
If price is offered below 973 that would be below 4weekVA and I would expect Buyers to respond if the bias remains with them.
It’s worth noting that ND100 has yet to overcome the major 50% chart resistance.
