posted 9.29a.m.
from pre-open Monday 1st June
>>I’m expecting a big surge in bullish sentiment if the January high is tested. Price could well accelerate up into the 91day time count from low which comes in early next week.<<
from pre-open Tuesday 2nd June
>>ES spent most time printing 941 on Monday and that level may continue to be attractive.<<
from pre-open Wednesday 3rd June
>>Buyers resting. Significant Sellers responded from 949 (red at top). Value Area was overlapping/higher generating less volume, so Selling was ineffective. I’m expecting the Buyers to respond again somewhere below Tuesday’s low at 936.75 and above 908…<<
from pre-open Thursday 4th June
>>Significant Buyers (green) have been absent from the daily profile for three consecutive days. The maximum since the March low has been four. I expect them to respond today or tomorrow.
First Level S/R today is 37.5. If ES finds resistance at that level then a test of Wednesday’s low is certainly a possibility.<<
Pre-open Friday 5th June
All comments above are relevant.
Significant Buyers were marked on Thursday after resting for three days. 941 becomes significant again – this is the current controlling price and ES spent most time around that level on Thursday. I was going to write that consolidation above that level would be bullish but pre-open ES has just rallied sharply to a new high after less than forecast job losses were reported.
So, let’s say that ES printing back below 941 would be a first indication of weakness.
I’m expecting another surge in Bullish sentiment with this breakout. Sentiment indicators will likely hit extremes.
In the dayframe the Buyers are still in control and have been since March 12th.
