Pre-open Wednesday 26th August
Tuesday’s First Level S/R at 1023 proved support overnight and again pre-open today ES has printed as low as 1022.50.
Early in Tuesday’s session a probe above Monday’s high brought a further response (red at top) from the Significant Sellers – so price above 1035 is currently being rejected (future acceptance would therefore be bullish).
Although the Significant Sellers were active on Tuesday the Value area was overlapping and narrower so this is still ineffective selling. Even so, with the last imbalance being red (selling) I cannot initiate new longs.
First Level S/R moves to 1028 for today, Wednesday. If ES is to print lower this week then 1028 should cap the upside today. Value building above 1028 would suggest the opposite.
