posted 9.28 a.m. est
Pre-open Thursday 1st October
Pre-open yesterday I suggested that Tuesday’s low would likely be tested but that Bears should wait for Effective Selling below 1056. Without directional conviction from either the Significant Buyers or Sellers price is likely to return to the current controlling price (value) as it did on Wednesday (1059).
I also said that early support or resistance from 1059 would likely determine direction for the rest of the day. In fact 1060 was the high of the session within five minutes of the open and 1059 resistance in the p.m. Note that the 1/2R at 1056 was resistance later in the globex session. This is the obvious resistance levels shutting off Buying activity.
Until we see an indication of directional conviction from either side, price is most likely to range. I’m looking for Effective Selling below 1059 or Effective Buying above.
Resistance from 1051 (Wednesday’s poc) early in today’s session would likely indicate further weakness.
