posted 9.20a.m. est
from pre-open comment Tuesday 2nd June
>>ES spent most time printing 941 on Monday and that level may continue to be attractive.<<
from pre-open comment Monday 8th June
>>Selling so far has been Ineffective (Friday’s Value Area was overlapping/higher). Since the March low any Significant Selling has been followed almost immediately by a response from the Significant Buyers. If we see that pattern change it would be an indication that control may be shifting.
Bears would want to see Effective Selling below 941 (current controlling price)
Bulls need to see ES printing back above 941.<<
pre-open comment Tuesday 9th June
>>Lack of directional conviction at the moment – ES keeps returning to 941 which is the current controlling price.<<
Pre-open Wednesday 10th June
More than a week ago I anticipated that 941 would attract time – see top of this column. Yesterday’s price action confirmed that. Over the last six days ES has spent more time at 941 than any other price. It is quite likely that ES will now move directionally away from that level.
As long as ES holds above 941, higher prices are likely in the short term with 970 or just above as a target. We have seen Significant Sellers respond twice to reject price above 950 but we did not see Effective Selling following on.
Effective Selling below 941 would suggest a shift in control to the Sellers and considering the increase in bullish sentiment recently I have to admit I’m looking for it.
For now though Buyers remain in control of the dayframe and have been since March 12th.
