Pre-open Tuesday 20th October
Monday’s Value Area was built above any previous VA for this rally which is normally a positive (acceptance of value at higher levels) although the VA itself was narrower and generated less volume which in the dayframe is generally regarded as not facilitating trade higher .
It is difficult to add any further comment to previous (above). The low overnight was 1089, just above our First Level S/R at 1088.50. Short term bulls would want to see that level hold. A test above 1100 is likely and maybe that will bring some response from the Significant Sellers who have been absent now for nine trading days. I would want to see price accepted (value area) above 1100 before initiating new longs. Not interested in the short side until Effective Selling is marked.
