from pre-open comment Thursday 16th April
>>The last four value areas have printed above 830 which I said more than a week ago would be a bullish development so there is the possibility of a fast move higher here which becomes likely if 846 shows support and we see an effective session from the Buyers. 846 is 1/2Range from Monday’s high and is currently the controlling price of that range. Effective selling below 830 would negate the bullish scenario and strongly suggest the rally is over.<<
Pre-open Friday 17th April
Significant Buying activity was marked again generating a higher, wider value area with more volume. That’s effective buying. The 846 level was tested and rejected about ninety minutes into the session and then a fast move up to take out Monday’s high, which I suggested was likely >>it is unusual to see agressive buying on the high day of a rally (green at top)…It’s unusual but not unknown.<<
We should anticipate a test of yesterday’s high. This will happen 70% of the time on a day following green at top.
We now approach the major ES level of 872. This may be a problem.
from January>>If you are a longer term trader or swing trader I would wait for bulls to auction price back above 872<<
If Buying is strong enough to consolidate price above 872 it puts ES in a strong position for another fast move higher. Should that occur I would expect bullish sentiment to increase rapidly.
