Pre-open Wednesday 11th November
Tuesday was a consolidation day with an overlapping/higher Value Area generating less volume. That pattern doesn’t always imply good trade facilitation higher but all of Tuesday’s day session range was above Monday’s poc at 1084 and looks like Buyers Resting. Significant Sellers have not been marked for seven trading sessions and until they are I will not consider short side especially with ES holding above the 1063/64 poc.
There are some signs of complacency which may be a warning as we look to test the October high, namely the ISEE (Equity only) index which had another high number at 200 on Tuesday and the VIX which has fallen back from 31 last week to 22.
