on ES, Tuesday was a LLB, the 2nd LLB in a week (first being last Thursday which created the excess high). Here are my thoughts, curious on your opinions.
Today's open above yesterday's NY high, above current week VAH, and broke above last 2 weeks VAH in first hour. All signs of positive continuation. Logical target now 1330, which is the high of the excess and today's NY IB extension target.
Regarding the LLB, if there are only 2 days of LLB, then one could assume there were not many "weak longs" to get rid of, hence those still long are OTF and strong holders. another sign of higher prices to come.
Invalidation would come in the form of prices not clearing 1330, but more importantly prices falling back into current weekly merge VA below 1320.
For today, I believe it is possible to have a trend day since ES opened above value and continued up.
EDIT: upon reflection, trend day not likely given the rotation near 1323.
thoughts?
Today's open above yesterday's NY high, above current week VAH, and broke above last 2 weeks VAH in first hour. All signs of positive continuation. Logical target now 1330, which is the high of the excess and today's NY IB extension target.
Regarding the LLB, if there are only 2 days of LLB, then one could assume there were not many "weak longs" to get rid of, hence those still long are OTF and strong holders. another sign of higher prices to come.
Invalidation would come in the form of prices not clearing 1330, but more importantly prices falling back into current weekly merge VA below 1320.
For today, I believe it is possible to have a trend day since ES opened above value and continued up.
EDIT: upon reflection, trend day not likely given the rotation near 1323.
thoughts?
Change is the only constant