from pre-open analysis 0311
>>Most of the major charts closed above three days worth of highs and that would normally mean continuation higher in the near term especially with daily oscillators moving higher from oversold. If the market is going to move higher in the minor timeframe then the zone 705-707 will most likely hold. In the major timeframe this is probably just a relief rally to shake up all the bears we saw in the opinion polls last week.<<
Sellers responded yesterday but not convincingly.
Tuesday closing above 3 days highs and then Wednesday’s value area holding above 705-707 was more strength than we have seen for a while and may indicate a shift in control to the buyers, at least temporarily. As long as we hold above 705-707 I’m thinking higher and if we see value building (time spent) around 721 today I’d take that as bullish for the near term.
Looking at yesterday’s profile, stats suggest a test of yesterday’s low (712) during today’s day session – if that doesn’t happen it would be another minor bullish indication. Maybe the pre-open probe down to 711.25 was enough.
- sp500-emini
pre-open 03-12