from pre-open comment today
>>Since the market opened at a higher level on Monday June 1st neither Buyers nor Sellers have been dominant enough to auction ES away from 941, which is the centre of the price range from that point. Average volume is now declining. Price will move off soon I am sure. We need to look out for the first Effective activity. Either the Buyers above 941 or the Sellers below 941.
I’m guessing Sellers win out here and control changes, but that may mean a fake move higher first…..<<
…or maybe not. Unless ES can print pretty quickly back above the 941 controlling price then the trend may be about to change to down.
I’m seeing mounting evidence that control is shifting. Not confirmed yet. Effective Selling below 941 will be first signal. Confirmed by Effective Selling below ES 870.
btw: the Commitments of Traders Data released Friday did not show any evidence that the SP500 Commercials (Smart Money) was becoming more bullish. They slightly increased their net short position.