Pre-open Wednesday 30th September
There was a response from the Sellers above 1059 (red at top). Tuesday’s Value Area was overlapping so again this is not Effective Selling. Tuesday’s poc was at 1059 further validating that level as the current controlling price (the level that ES finds as value).
Red at top on Tuesday suggests a test of Tuesday’s low (1053.25) today but Bears should wait for Effective Selling below 1056 because…
By my criteria we have seen five days with Significant Buyers absent and Significant Sellers marked twice. Although the Sellers are active, ES currently prints above the halfway point of the range established over that period and the controlling price (1059) resides above that halfway point also. This is not a convincing performance by the Sellers with Buyers absent.
Pre-open ES rallied to 1063.25 and then quickly returned to 1059. Whether ES finds early support or early resistance at this level will most likely determine the direction for the day.
