posted 6.10a.m. est
from pre-open comment Thursday 21st May
>>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.<<
from pre-open Thursday 28th May
>>Tuesday’s Buying was Effective (higher, wider value area and more volume) and Wednesday’s Selling was ineffective (overlapping value area and less volume). For that reason I would expect the Buyers to respond again and auction ES higher.<<
from pre-open comment Friday 29th May
>>ES may find the 908 level attractive (time spent). Overcoming the First Level S/R at 911.5 would be a positive for Bulls and consolidation above that level would be bullish. I’m not looking at shorts until I see Effective Selling below 872.<<
Pre-open Monday 1st June
On a 1minute sampling, ES spent more time at 908 than any other price on Friday, as suggested. Following that consolidation, ES started a fast move up late in the day and has now reached a new high pre-open today (Monday).
Four instances of Significant Buying (green) last week and one of Significant Selling (red). Buyers are still in control of the dayframe and have been since March 12th.
Dayframe:
First Level Support moves to 908. As long as ES holds above that level I would expect higher prices.
Longframe:
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.
