Pre-open Friday 10th July
Wednesday’s Value Area was lower and wider on increased volume. Thursday’s Value Area was higher and narrower on decreased volume. That is not usually a positive indication.
The last imbalance was Selling (red) on Tuesday and it looks like Sellers resting since then trying to force a response from the Buyers which has not happened yet. This is Sellers in control of the dayframe.
878 attracted time on Thursday as I suggested it might, also 880.5 (First Level S/R). That is probably a negative. I’m expecting either more time around that level or lower.
There is strong support at 870. If ES prints time below that level I would expect development down to below 850.
