from pre-open comment Thursday 21st May
>>Dayframe:
First Level S/R is 911.5. I’m not interested in longs below that level and for now I’m not interested in short side until we see Effective Selling below 872.
We’re still waiting for Effective Sellers to appear and until that happens (and as I still have Buyers in control of the dayframe) I am anticipating the Buyers will respond and auction price higher.
Longframe:
The early May time pivot where I anticipated a turn for the market is still looking like a good call – so far. My best guess at the moment though is that we’ll see that high tested with an accompanying surge of bullish sentiment – this idea would be negated if we see Effective Selling below ES 872.<<
Pre-open Friday 22nd May
Comment above is all valid for today.
Thursday’s Value Area was lower and narrower on less volume. Following a day of Active Selling the short term stats for direction today are not clear but a rule I’ve mentioned before is: “never fade the last imbalance” and the last imbalance was selling (red).
