Pre-open Tuesday 8th December
ES spent Monday in a tight range, the Value Area was narrow and the volume was low. Main point is that ES did not manage to consolidate above 1108 (see yesterday’s comments above).
Effective Selling would confirm weakness out of the Dec 4th time pivot but that has not been marked yet.
Dollar is showing some strength today and pre-open ES has been as low as 1092. There is potential support at the 1088.5 poc and that is a test for the Sellers.
Price below 1091 is also below the low of three weeks Value Area – if Buyers are active that is opportunity; if they do not respond it is a big clue that control is shifting.
