Pre-open Tuesday 25th August
I marked Responsive Selling on Monday (red at top). The Value Area was overlapping/higher, wider and Monday’s day session low only managed a probe down into Friday’s poc – so this is not Effective Selling. This looks more like Buyers Resting forcing a response from the Sellers.
Dayframe:
Monitoring how price behaves relative to today’s First Level S/R at 1023 might be the best way to gauge if/how this response develops.
i.e. ES is set to open above 1023. If ES consolidates above that level early in the session (1031 most likely to attract time) then I would expect higher. However, if there’s early weakness and ES prints below 1023 then development down to 1005 becomes likely.
