Pre-open Tuesday 7th July
Longframe:
Significant Buyers were active on Monday but the Value Area was lower so this is not Effective Buying. This is more likely Sellers Resting forcing a response from the Buyers. As of Monday’s close the 10dayma Nyse Declining Volume moved back above the 10dayma Nyse Advancing Volume.
Dayframe:
Pre-open today (Tuesday) ES has found support at Monday’s controlling price just below 890 and resistance at Thursday’s controlling price at 898. I’ll assume a break below/above these levels will indicate the bias for the day.
Monday’s aggressive buying (green at top) strongly indicates that Monday’s high 896.25 will be tested during the day session today. If ES can overcome the resistance at 898 and print some value above that price then the First Level S/R at 907.5 is an obvious target – if reached Sellers might well respond.
