Pre-open Wednesday 9th September
Tuesday’s Value Area was higher but very narrow generating less volume. The negative is that a narrow day like this does not indicate trade is being facilitated higher. The positive is that Tuesday consolidated above 1015 (see yesterday’s comments).
Pre-open today ES has again probed up into the Responsive Selling tail (red at top) of the 1st Sep. This could meet with further Selling at the open today. It will be interesting to see if that level is accepted (bullish) or rejected (bearish) today.
I’m seeing this as a critical few days for the market (time pivot). This is a potential reversal point (UK FTSE100 index reached a new rally high today).
The last imbalance was Buying (green at top) so I cannot look to short today but I’m prepared to wait for more directional conviction moving out of this time period before I will commit.
