Pre-open Wednesday 28th October
Tuesday was a ranging day generating a narrower, overlapping/lower Value Area on increased (and above average) volume.
Price action was centred around the poc at 1063/64 rather than finding support or resistance at that level although since midday yesterday ES has been consolidating below that level (see yesterday’s underlined comments).
That makes me cautious. I will not look to initiate new longs until after an Effective Buying day above 1063/64.
DayFrame:
If ES struggles to get back above 1063/64 followed by a new low expect further weakness.
Short term strength would be indicated if ES can consolidate above that level.
