Pre-open Tuesday 30th March
Price around 1170 was resistance yesterday as anticipated.
Buyers have now rested for four days at these higher levels looking for a response from the Sellers and so far there has been none. This may give the Buyers confidence to step back in.
Monday’s Value Area was very narrow and volume was low. 1168 (dashed line) was where most time was spent and this is now the minor 6day poc. If ES is strong and ready to move higher it will likely find support at this level or test it and recover quickly.
The more established poc at 1161.50 remains First Level S/R.
ST Sentiment: My version of the Rydex Assets Ratio fell from 3.1 to 2.6 but the ISEE (equity only) index came in at 218 (numbers above 200 are high).
