Pre-open Tuesday 8th September
Sellers were unable to auction ES convincingly below 994.5 last week. The poc support held which was the first test of Selling strength. Last week I marked two instances of Significant selling and two of Significant Buying.
It took the Buyers more than three days to retrace the one-day high volume sell-off last Tuesday – it is only pre-open today that price has probed back up towards Tuesday’s high.
Buyers made an Effective appearance on Friday but I’m not looking to initiate new longs yet. I want more evidence that the Buyers are back in control.
1015 marks the halfway point of the range since the recent high. Bulls would want to see ES supported and consolidating above that important level.
With big players returning to work post Labor Day it will be interesting to see how they set the tone over the next few days.
