posted 9.29 a.m. est
Pre-open Monday 9th November
Last week I marked three instances of Significant Buying and no Significant Selling. Last week’s price action indicates nothing more than a Response from the Buyers bringing ES back to value (the 1063/64 poc) and negating the Effective Selling seen on 10/30. The Buying was not Effective as the Value Areas on Thursday and Friday narrowed (this is typical slowing as price approaches a poc of some importance).
The Buying becomes more indicative of an uptrend if we see Effective Buying (higher, wider Value Area) above the poc (Aggressive) than below the poc (Responsive).
ES holding above 1063/64 early in the week would be an ecouraging sign for the Bulls, Effective Buying above 1063/64 would indicate higher.
Some short-term sentiment measures (discussed in the webcast) indicated a fairly rapid increase in bearishness last week which is helpful for the bulls (contrarian) and the breadth improved.
