posted 9.28a.m. est
Pre-open Wednesday 17th June
In the longframe I’m confident that the trend has changed to down for the reasons given in the webcast this week including; 91day count March low to June high, excessive public bullishness, smart-money not bullish, charts breaking down etc.
On Tuesday, Significant, Aggressive Sellers were active (red at bottom), and this was below the controlling price at 941. I am not interested in the long side now unless ES manages to print back above 941.
In the dayframe I have to say that the Selling cannot yet be classified as Effective because strictly speaking Tuesday’s Value Area was Lower/Overlapping rather than Lower. But I believe the best strategy now is Sell Rallies rather than Buy Dips.
ES is very likely to test Tuesday’s low during the day session today. Last imbalance is down (red) so I cannot be a buyer.
