from pre-open comment Monday 15th June
>>Since the market opened at a higher level on Monday June 1st neither Buyers nor Sellers have been dominant enough to auction ES away from 941, which is the centre of the price range from that point. Average volume is now declining. Price will move off soon I am sure. We need to look out for the first Effective activity. Either the Buyers above 941 or the Sellers below 941.
I’m guessing Sellers win out here and control changes, but there may be a fake move higher first.<<
Pre-open Tuesday 16th June
You can see by the lack of Green or Red over the last six days that there is no obvious directional conviction or dominant group. Monday’s Value Area was lower but very narrow.
If control is in the process of shifting to the Sellers then 941 will become a difficult level for the Buyers to overcome. Also 932 would likely attract time.
As of Monday’s close the 10day moving average of nyse declining volume is greater than the 10day moving average of advancing volume. Distribution?
SP500 cash Index breaking support:
Monday’s close was below the March low->May low support trendline and below the level of the May high resistance which became support earlier this month.
and
We already know that the low of this week will be lower than the lows of the past two weeks and that hasn’t happened since the rally started in March.
