Pre-open Tuesday 3rd November
Monday’s Value Area was overlapping/lower and narrower on reduced volume. There was no Significant Buying or Selling marked.
The early rally failed at the first resistance reached which was Wednesday’s poc at 1050 (drawn as red line pre-open yesterday).
If Buying strength is as weak as this implies then the top of 2days summated Value Area at 1044 should limit the upside.
First sign of strength would be ES printing some value above 1050.
My #1 rule says don’t fade the last imbalance so that eliminates the long side for me at the moment.
