Overnight on Tuesday there was a brief, rejected test of the major Value Area Low at 4140 (dashed line). That’s encouraging and ES has rallied strongly from there. The Control of the same major distribution is at 4396 and I want to see price above that level before considering new longs. However 4353 is the First Level Resistance.
Also, note that Significant Selling (red) was marked on Tuesday, followed by Significant Buying (green) next day on Wednesday. That’s a rare pattern. Last two occasions were in January and June last year and the market rallied from there. Not enough examples in database to read anything in to that, just an interesting observation, see second chart.
