posted 9.25 a.m. est
Pre-open Thursday 20th August
The Buyers influence is obviously not in doubt just yet. Significant Buyers responded early on Wednesday and were active all day. Tuesday’s high was more than tested as Buyers auctioned ES back to the current controlling price at 994. This level happens to be just below the 1/2R from the recent high so 994/995 is a key level.
Dayframe:
Pre-open ES has printed back at this level from higher. If ES finds support at 994/995 early in the session I would expect higher, maybe to the other key level shown which is last week’s poc at 1005 – this may be an area of supply and resistance. Once again the odds suggest that yesterday’s high will get tested today.
However if ES accepts 994 early on and prints around this level, then some backing and filling lower is likely.
Either way if ES consolidates above 994 it’s bullish and until I mark Effective Selling (not seen since the July low) I’m not interested in the short side.
