Pre-open Wednesday 21st October
Last imbalance was Buying (green) and I never fade the last imbalance. Also, it’s been 10 days now since I marked Significant Selling activity. With Tuesday looking like normal corrective activity I assume Buyers are still in control of the dayframe so until I mark Effective Selling I’m not interested in the short side.
Pre-open today ES has probed below 1081.5, the 5dyVAL (the low of the cumulative 5 day Value Area) and prints 1085 as I write. If Buyers are still strongly in control I would expect to see a probe below 5 day’s VA attracting buying support.
The test will be the First Level S/R at 1088 which is the 5day poc. If ES opens below 1088 and cannot manage an early rally above that level then maybe this is more than just Buyers resting. If ES can print some time above that level then a test of 1100 is likely.
