posted 9.20 a.m.
Pre-open Monday 6th July
907.25 was the day session high on Thursday, just below the First Level S/R at 907.5
Last week I marked two instances of Significant Selling and no Significant Buying.
Pre-open today (Monday) ES / SPY have tested the June 23rd low. This confirms the lower high last week.
870 is the major level to watch. Consolidation below this level would indicate real weakness and a likely acceleration of the down-trend.
Last Thursday’s close was below the previous four days lows also confirming weakness.
Unless Buyers can manage to auction ES above 907.50 I will stay bearish and stick with the opinion I expressed pre-open Wednesday 17th June; >>I believe the best strategy now is Sell Rallies rather than Buy Dips>>
