posted 9.27 a.m. est
Pre-open Monday 19th October
The First Level Resistance at 1088.50 given pre-open Friday capped the upside in the day session (1088.25). I also said that I did not expect to mark Significant Buying on Friday for the reasons given (above). That’s the way it played out but Buyers Resting did not bring a strong response from the Sellers and as I suggested this is likely to renew the confidence of the Buyers.
Last week I marked three instances of Significant Buying and no Significant Selling. Today’s First Level S/R at 1088.5 is the key for the start of the week. If ES opens above this level and holds then a test of last week’s high is very likely, (for the reasons given on Friday).
If that occurs then maybe a test of 1100 will bring a response from the Sellers. Buyers are in control of the dayframe. Sentiment Indicators are getting overheated though – see webcast.
