from pre-open comments Wednesday 6th May
>>On Tuesday the VIX hit a 7 month low and the ISEE Index (Equity only) reached 225 which is the second highest reading since the start of 2008. <<
Pre-open Thursday 7th May
Significants Buyers were marked again on Wednesday, aggressively auctioning ES higher (green at top). Value Area was higher and wider and the day generated increased volume which is good for continuation.
First level support 915.
Market is very overbought. 14day RSI above 70 now for a number of major charts and VIX closed lower still.
We’re pushing the time pivot window here. Dayframe we have to expect higher but Longframe the break above 872 could be one almighty bull trap.
