Pre-open Monday 21st December
Friday’s low was exactly at the obvious support of 1088.50 poc. This is currently the most important level to watch. If this support should become resistance at some point this week then I would expect further weakness.
Last week I marked no Significan Buying or Selling. ES tested the top of the established trading range, found rejection again and closed the week below Mon-Wed range. This is weak structure although the low of the previous week was not broken and the obvious support held. This typifies the lack of directional conviction we have seen for nearly six weeks now.
1097 is the 1/2Range off the Dec 4th High (March contract) – that’s First Level Support today. 1105.5 is the poc for this six week range and the First level Resistance today.
