posted 9.18 a.m. est
Pre-open Friday 17th July
On the chart I’ve extended each day’s controlling price across the following session. Apart from very early on Monday, the price range of each day session this week has been above the previous day’s controlling price. This is dayframe uptrend. Thursday’s controlling price came in at 928 and that is the low pre-open; ES found support at that level one hour before open today and has rallied back above 935.
A break below 928 during the day session today would be the first indication that the market is ready to retrace and fill but there has been no sign of the Significant Sellers this week and my hunch that we’d see them respond was plain wrong. Value Areas last two days have been above 907.5 and that’s an indication of strength.
