ES Notes 2021/3/30
Deviations taken from:
i.imgur.com/L51JHlS.png
Comments taken from:
reddit.com/r/thewallstreet/comments/mfyy5m/es_tpos_and_daily_log_3292021/
Market: ESM21
Date: 29-Mar
Attempted Direction: Up
Rotation Factor: -4
Range Extension: Buyer & Seller
Tails: Buyer
Buying/Selling Composite: Non composite
One-timeframing (D/W/M): All OTing up
Comments: "Very mechanical trade early in Monday's session. Price opens within Friday's large buying spike and buyers take control to bid price up to the exact top of Friday's M period single prints (3960.75), where responsive sellers were found. Sellers were able to rotate price all the way through the open and defend it, with B period's high equal to the RTH open. C period then came down and touched Friday's spike base (3934) before bouncing briefly and continuing lower to RTH volume VAH (3931.75) in D period. The reaction of price at these various technical references early in the day told me that this market was in control by short timeframe participants, meaning the developing extremes were not secure if an OTF participant were to enter the market.
Once Friday's value was rejected, price balanced higher within the buying spike before testing the large developing selling tail from A period. Buyers would eventually test above Friday's RTH high, but structure began to weaken as price approached the RTH ATH (3973.5), resulting in a non-excess high in L period (3971.25)."
Daily Volume: 1.96m (average)
Volume Average (20): 2.02m
VA Placement (H/OL-H/L/OL-L/Unch): Higher
VA Width (Wide/Avg/Narrow): Wide
Directional Performance Relationship: Strong, continuing
Comments: Buyers succeed in establishing daily value higher and within Friday's spike, but large intraday rotations still resulted in a wide VA. Buyers will want value to narrow and stay in the 3960's for the rally to continue.
Tomorrow's Expectation: "Buyers remain in control to start the week and validate Friday's spike prices, while coming up just short of new ATHs. The lack of excess at today's high tells me the up auction is likely not over and higher prices should be the expectation with one timeframing higher resuming on all timeframes.
For tomorrow, I would like to see composite value continue to develop in the 3960s with buyers targeting the RTH ATH (3973.5) and the Globex ATH (3978.5).
To the downside, I'm going to continue to use the previous balance high of 3949 as a line in the sand. Acceptance below here should at least take us to revisit today's RTH low (3931.75) and could continue to Friday's VPOC (3921.25). If price doesn't begin to slow around Friday's VAL (3911ish), we could test 3/25's unfilled single prints down to 3891.25."
i.imgur.com/L51JHlS.png
Comments taken from:
reddit.com/r/thewallstreet/comments/mfyy5m/es_tpos_and_daily_log_3292021/
Market: ESM21
Date: 29-Mar
Attempted Direction: Up
Rotation Factor: -4
Range Extension: Buyer & Seller
Tails: Buyer
Buying/Selling Composite: Non composite
One-timeframing (D/W/M): All OTing up
Comments: "Very mechanical trade early in Monday's session. Price opens within Friday's large buying spike and buyers take control to bid price up to the exact top of Friday's M period single prints (3960.75), where responsive sellers were found. Sellers were able to rotate price all the way through the open and defend it, with B period's high equal to the RTH open. C period then came down and touched Friday's spike base (3934) before bouncing briefly and continuing lower to RTH volume VAH (3931.75) in D period. The reaction of price at these various technical references early in the day told me that this market was in control by short timeframe participants, meaning the developing extremes were not secure if an OTF participant were to enter the market.
Once Friday's value was rejected, price balanced higher within the buying spike before testing the large developing selling tail from A period. Buyers would eventually test above Friday's RTH high, but structure began to weaken as price approached the RTH ATH (3973.5), resulting in a non-excess high in L period (3971.25)."
Daily Volume: 1.96m (average)
Volume Average (20): 2.02m
VA Placement (H/OL-H/L/OL-L/Unch): Higher
VA Width (Wide/Avg/Narrow): Wide
Directional Performance Relationship: Strong, continuing
Comments: Buyers succeed in establishing daily value higher and within Friday's spike, but large intraday rotations still resulted in a wide VA. Buyers will want value to narrow and stay in the 3960's for the rally to continue.
Tomorrow's Expectation: "Buyers remain in control to start the week and validate Friday's spike prices, while coming up just short of new ATHs. The lack of excess at today's high tells me the up auction is likely not over and higher prices should be the expectation with one timeframing higher resuming on all timeframes.
For tomorrow, I would like to see composite value continue to develop in the 3960s with buyers targeting the RTH ATH (3973.5) and the Globex ATH (3978.5).
To the downside, I'm going to continue to use the previous balance high of 3949 as a line in the sand. Acceptance below here should at least take us to revisit today's RTH low (3931.75) and could continue to Friday's VPOC (3921.25). If price doesn't begin to slow around Friday's VAL (3911ish), we could test 3/25's unfilled single prints down to 3891.25."
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