from analysis Tuesday 31st March
>>Typically at a change of trend from up to down I will record responsive selling (red at top) before the down trend begins. We have not seen that yet. Much safer for bears to wait for that confirmation.<<
There has only been one significant buying or selling imbalance to mark in the last six days and that was buying last Thursday. This shows a lack of directional conviction and is typical of ranging price action. Aggressive buying above 816 or aggressive selling below 767 will likely indicate the direction of the larger trend
Averange weekly HL Range over the last six months is around 70. Range for the week so far is about 40 so we should expect Monday’s low or Tuesday’s high to be tested. Strictly speaking the buyers are still in control so my best guess is higher in the short term but ES must overcome 791 which is obvious resistance and proved so overnight – see graphic.
