from pre-open analysis 03-12
>>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.<<
Buyers were active and effective on Thursday, generating an overlapping/higher and wider value area with more volume (total).
Buyers are in control of the daily timeframe. There has been no significant response from the sellers, 768 area may bring a response. Thursday’s profile suggests continuation higher today; i.e. most of today’s day session is likely to be in an area overlapping/above Thursday’s value area 717-741.
There’s a good possibility ES will close this week above the previous week’s high and that hasn’t happened for 9 weeks. A close today above Wednesday’s high at 732.50 would also be a bullish indication for continuation.
