posted 10.29 a.m. est
Post-open Thursday 27th August
I was ready to post before the open as usual but not happy to do so. Market action was such that I delayed.
After the open today QQQQ trades back below its Major 1/2 level (40.06). This is significant.
ES range for the week has expanded lower today (Thursday).
Buyers responded on Wednesday just above 1020 (green at bottom).
ES is currently using 1026.5 as the controlling price of the current four day range and that is now First Level S/R. I will definitely want to see consolidation above 1026.5 before looking to initiate new longs. There are warnings from some of the sentiment data that the market is getting overheated and other concerns as outlined in post earlier today.
We have a narrow range of less than twenty points this week with Sellers responding at the top and Buyers at the bottom. The 20week HiLo ES average is 40+ points so range expansion is expected.
