posted 9.18a.m. est
from pre-open comment Wednesday 29th April
>>Buyers responded on Tuesday, once again below 2dayVA – at first level support. Value Area was overlapping and narrower. For the last six days I have marked no significant selling.
854 is now strong first level support. Price printing above that level puts ES in a strong position – I would not be looking for long below that level.
If ES prints below 854 today there is a possibilty of some backing and filling down to 845 but the swift rejection of the price probe down into Tuesday’s support at 841 would suggest that this level (841) would not be tested again today with Buyers in control.<<
from pre-open comment Monday 27th April
>>Based on the dominance of the Buyers at the moment and the ineffective response seen from the Sellers we have to expect further upside ……. Even though the Market is very overbought we could see an acceleration up into the early May time pivot (next week).<<
Pre-open Thursday 30th April
ES has broken above the 872 level which has capped it three times.
An acceleration up was expected based on recent price action. The next few days will answer important questions about this rally….
Will ES hold above 872 as it did above 830 and prove this rally has more to it? or is this a bull trap?
Market sentiment indicators should help us here. Will we see a sharp increase in bullish sentiment with this breakout?
