The ES tried to stage a rally after 3 periods of chop Monday but failed to pull it off amidst a morning full of less than stellar news reports. After taking out the early poor low at 1941 the market plummeted 14 points further to 1926.50, 30 points from the high Although the point of control had migrated higher in J period it could not produce higher developing value or get above Friday’s value, ending the day with yet another strung out profile with many anomalies.
The single print at 1939.50 and the prior weak low at 1941 should be referenced, as failure to trade back above that area could bring more downside continuation. The 6 wide POC at 1949.25 is of less significance since the day ended being a trend day to the downside. Acceptance back above 1941, and the previous range high at 1943.75, along with developing higher value could result in short covering.Share