Pre-open Tuesday 14th July
Since I made the comment pre-open Thursday that 878 may well attract time, ES has in fact spent more time at 878 than any other level. I saw that as a negative development but on Monday I marked Effective Buying which has taken ES back towards the key level at 907.5. If ES can build value above 907.5 it would indicate strength and possibly a new high but I see that as unlikely even though the major poc support at 870 has held up well (low on SPY was 87).
Short term this bounce could be the market squeezing the Public Bears that should up in the polls last week.
In the longframe if the market is headed lower the Sellers won’t let value build above 907.5
Still, the last imbalance is clearly Buying (green) and that indicates higher in the dayframe at least.
Key point: Where does ES spend time over the next few days – above or below 907.5?
