Pre-open Monday 1st March
For the last three weeks there has been no Significant Selling marked. Buyers have been active and auctioned price back above the 1094 poc. Price consolidating above a major poc is usually a bullish pattern and ES spent the majority of time last week doing just that. However, ES currently lacks the directional conviction to drive higher away from this area of value.
For this coming week:
1 Once again, Bulls will be looking for ES to hold above the 1094 poc.
2 A price probe above 1115 may be seen as an opportunity by the Sellers and bring a response from them. 1115 is the high of the Value Area (VAH) of the last six months price action. Acceptance of price (daily value Areas) at/above that level indicates higher.
3 On Thursday last week there was a test below 1094 which quickly brought a response from the Buyers (green-at-bottom). I assume that if ES is preparing to push higher then any further price probe below 1094 should find Buyers. If ES prints value below that level without Buyers responding it will be a negative development.
