posted 9.29 a.m. est
Pre-open Wednesday 23rd September
On Tuesday Aggressive Buying activity (green at top) was marked. The Value Area was higher and same width as Monday, on increased Volume.
Pre-open yesterday I suggested that ES might find early support around 1062.5 which would then increase the odds that the resistance at 1070 would be overcome. ES actually found support a little lower at 1061.5 which is the exact 1/2Range from the high last Thursday. This validates 1061/62 as the price level of concern. The longer that Buyers are able to print ES above that level the more likely an upside breakout above resistance at 1070 will occur (ES has tested up into that area pre-open today).
Green on Tuesday eliminates the short side for me today. Interested to see if ES can print time above 1070 or will a probe be rejected again. Bears should wait for Effective Selling (not seen since 1st Sep) below 1061.5.
