S&P 500 emini price distribution from November 2015
The Value Area low of this entire range is at 2047.50. Wednesday’s test of this level brought an immediate Response from the Buyers auctioning ES swiftly back to the controlling price. This is encouraging and suggests the distirbution that began in October 2014 is still valid.
Bullish: would be time printed above 2095.
Bearish: time printed below 2095 especially if that causes the controlling price to migrate lower. Time around 2070/75 would be of particular concern.
