Pre-open Thursday 2nd July
from pre-open comment Friday 26th Jun
>>It will now be very interesting to see how the Sellers Respond to this latest appearance by the Buyers. Personally I will be struggling to obey my own rules and not short this thing if it sticks its head above 930… <<
ES didn’t quite make it to 930 but SPX did and SPY reached 93.23. Sellers have responded and I’m looking for consolidation beneath 907.5 to confirm this weakness. Maybe we are completing the right shoulder of the head and shoulders pattern I sketched out in the webcast on the 19th June.
Today’s pre-open high is 918.75 which is the 1/2R off the June high. That’s a sign of weakness.
907.5 remains First Level S/R – ES currently trading below that level. Resistance from this level intraday means even daytaders should resist longs.
