Pre-open Monday 22nd June
The Value Area over the week as a whole was the first lower Weekly VA since the March low.
Last week I marked one instance of Significant Selling. There was no Significant Buying to mark. Wednesday through Friday looked like Sellers Resting, seeking a response from the Buyers. Buyers only managed to auction ES back up to Monday’s controlling price which was a fairly weak response (see chart)
Over the last eleven trading days there has been only one instance of Significant Buying to mark.
Last week’s close was below the lows of the previous two weeks for many US stock indices, also UK FTSE100 and German Dax. This is usually a sign of weakness.
Any Significant Selling marked below the current controlling price at 907.5 would indicate lower prices to come and confirm the trend as down. If ES is as weak as I think it is 915 will likely be a resistance level if reached.
