from pre-open comment Friday 25th April
>>To remain bullish in the longframe I need to see ES continuing to print Value Areas above 830 which it has done for 10 days now. ES tested down to this major level on Thursday and support was found just above. That can be a bullish pattern and it may set up strength into the early May time pivot. In the dayframe it is nearly always wise to trade in the direction of the last imbalance and right now that’s Buying (Green) – so I’m inclined to eliminate the idea of being short as long as ES holds above 847.5 1/2Range.<<
Pre-open Monday 27th April
Once again Weekly Structure was typically bullish last week, same as previous week; i.e. relative weakness at the start of the week and strength at the end of the week.
I recorded three instances of Significant Buying and one of Selling last week. Buyers are still in control of the dayframe and have been since March 12th.
There was Significant Buying recorded again on Friday generating a higher, wider Value Area
First level support is 841 going into today’s session. Pre-open ES has traded down to the 1/2Range at 847.5. Based on the dominance of the Buyers at the moment and the ineffective response seen from the Sellers we have to expect further upside as long as the major poc holds at 830.
Even though the Market is very overbought we could see an acceleration up into the early May time pivot (next week).
