Pre-open Monday 24th August
Monitoring day to day as I have there have been no signs of Effective Selling in this analysis since the July low. Last week for example…
I marked three instance of Significant Buying last week and no Significant Selling. There was a strong Buying response early in the session on Wednesday when price was offered below Tuesday’s low. More bullish still was the fact that ES spent Thursday consolidating above 994 (see comments above) and Friday was strongly higher with no response from the Sellers as ES set a new high for the rally from March.
Pre-open today ES is higher again.
There is an strong time pivot early in September which raises the possibilty of an acceleration up into that time period but if we follow the usual weekly structure in a bull run then relative weakness will come early in the week. If that happens then note that First Level S/R is at 1005
