Pre-open Friday 23rd April
On Thursday Significant Buyers Responded (green-at-bottom) above 1183.50 and Aggressively auctioned ES higher (green-at-top) to test First Level Resistance at 1204.
Since 9th April this chart has been marked with Buying Activity (green) nine times.
One interpretation is that although they have been very active the Buyers have not achieved much, but in fact, since that date, ES has established a higher range of prices and Buyers have responded whenever they have had opportunity at the bottom of this range.
Simply put, Buyers are still in control and until Effective Sellers are marked I have to expect higher prices.
Supporting Charts with important levels:
USDJPY now prints above 1/2 level at 93.60.
EURUSD prints a new multi-month low
UDX prints above support band 80.15-80.30.
IEF, TLT printed reversal days yesterday close to the area of major resistance for both charts.
these charts are mixed for equities
