posted 9.24 a.m. est
Pre-open Wednesday 14th July
Tuesday’s day session high probed up into the Major poc at 1094. This is the most important level to monitor.
There was a day session gap up to open. Value Area was higher but last three days VAs have been narrow which often indicates a loss of momentum. Volume expanded but was below average. This isn’t great price action but what counts is whether ES is able to print value above 1094.
Above 1094, the 1/2R off the April high at 1107 might come into play as resistance
Dayframe: If an early probe above 1100 gets rejected back below 1094, I would expect the gap to be filled. 1073 (the 3month poc) would be the support to watch in that case.
ST Sentiment: My version of the Rydex Assets Ratio was up very slightly at 0.97 from 0.91. The Rydex timers are very slow to get with the rally.
Supporting Charts:
unchanged – see yesterday’s comment
imo not helpful at the moment re equities
