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In yesterday's range, but trading in a range so far that accounts for about 10% of yesterday's volume, and above the larger March balance area and the all-important 58 area, which was the high 3 days in a row and just below the S&P cash all-time closing high. So, while we are in yesterday's range, contextually, ES is out of balance. Not as out of balance as if we opened above 65, but still, out of balance, IMO.
After the bad ISM news today, there was a bit of a bounce at the 58 for anyone willing to take the chance, but soon after, ES traded down to the 51-58 balance VPOC of 53.50 and found buyers. The logical target for the long here was 58.50, which was traded …
I keep studying that long base of the A period, and cannot find a MP day type that supports my target with any real conviction.
It got to 62 and then back to 40... now 50. Who knows, but I am going to follow what I am studying. I printed and bound nearly 1000 pages of MP study information, sitting here on my desk. May as well go with it. No volume, did not return to my preferred low area, etc.
