Pre-open Wednesday 8th July
The break below Monday’s controlling price just below 890 early in Tuesday’s session indicated weakness and the direction for the rest of the day.
My numbers had suggested that Monday’s high was likely to have been tested on Tuesday (aggressive buying i.e. green at top, is tested during the following day session 80% of the time). Although Tuesday tested Monday’s high pre-open it did not during the day session. I take that as a further indication of weakness.
I marked two instances of Significant Selling on Tuesday. The aggressive selling (red at bottom) indicates that Tuesday’s low at 875.2 has a high chance of being tested on Wednesday.
The major level at 870 comes back into play. This could potentially be a big support level, at least initially.
