Pre-open Wednesday 19th August
I marked Significant Buyers on Tuesday. The Value Area was higher and wider but volume was lower than the previous two down days.
Only 1 in 5 days that follow a day of Significant Buying fail to test that day’s high. But that may well be the case today and there was another example on Friday. This may be a clue that the influence of the Buyers is slowing.
Sticking with the analysis from Monday I’m not going to initiate any new longs this week until ES prints some value back above 994 and won’t look to short until Effective Selling is marked.
Overnight ES has returned to print around Monday’s poc at 980.5. This level may well attract time over the next few days.
