Pre-open Tuesday 28th July
Monday’s Value Area was Overlapping/Higher and narrower on less volume. This is possibly a slowing of the up auction but I will not consider the short side at least until Effective Sellers re-emerge (red). After an early setback from the open, ES rallied back in the p.m. to settle at the top of the range for the session, which has been typical pattern recently.
Although it doesn’t look like it from the day session profiles, the First Level S/R moves to 978 for Tuesday. In the dayframe I’d want to see ES above that level before considering new longs. This level could of course provide resistance if ES opens below that price. Buyers are still in control so we have to expect higher but the market is overbought. No Significant Selling for fourteen days now.
