posted 8.50a.m. est
from pre-open analysis Friday 27th March
>>..green at the top indicates aggressive buying and it is unusual to see an up auction with green at the high. Usually these get tested and the odds suggest that Thursday’s high will be tested.
If sellers did decide to respond strongly we’d likely see it happen early in the session and then ES below 818 support and struggling to print back above it.
But, until I see evidence of significant selling I assume buyers are still in control.<<
pre-open analysis Monday 30th March
Last week there were two instances of significant buying (green) and no significant selling. The value area for the week was higher and narrower and there was less total volume. This indicates that although the week was higher the buyers influence may be slowing.
I wrote pre-open Thursday that
>>Sellers may well respond again at 830 or just above should we reach that level this week<<
and although 830.5 was the high for the week we have yet to see responsive selling significant enough to mark. So this may be just a stall in the rally. Until I see effective selling activity I have to assume the buyers are still in control.
ES is likely to open below the low of last week’s value area (803.5). If buyers are dominant I would expect them to take this as an opportunity and quickly respond. If that does not happen then a shift in control may be underway.
In the longer timeframe 767 should limit the downside if buyers are still in control. This level is HalfRange from the Jan28 high and also 2month poc.
