posted 8.55a.m. est
from pre-open comment Thursday 21st May
>>Longframe:
The early May time pivot where I anticipated a turn for the market is still looking like a good call – so far. My best guess at the moment though is that we’ll see that high tested with an accompanying surge of bullish sentiment – this idea would be negated if we see Effective Selling below ES 872.<<
from pre-open comment Tuesday 26th May
>>I am not interested in the long side until there’s a higher low or consolidation ABOVE 890 and until we see Significant Buying marked (green).
Pre-open ES prints just above the Major level at 872. IF this does prove support (again) a fast move up is still a good possibilty – the 91 day cycle from low terminates on the 5th June. The 91 day cycle – low to high is very common in the stock market and may play out again here.<<
Pre-open Wednesday 27th May
Significant Buyers responded strongly on Tuesday (green at bottom) and aggressively p.m. (green at top). Value Area was higher and wider than Fridays and generated more volume. This indicates continuation higher especially with Buyers still in control of the dayframe (they have been since March 12th).
Green at top strongly indicates that Tuesday’s high (911) will be exceeded during Wednesday’s day session.
Through May, ES has been in a clear range between 876 and 928. A consolidation supported on a major poc like this can be a powerful pattern for a fast move up when it breaks out.
First Level S/R is back to 911.5 where it has been many times recently. Consolidation above this level would be another positive.
902.5 is the 1/2Range from the May high. If the market is ready to test that high sometime soon, ES won’t spend much time below that level.
