After an open-test-drive to fill the gap early Tuesday, the ES spent most of the day filling in some of the excess single prints from the previous two trading sessions, but price did not get acceptance back into Friday’s range until the K period rally took out the earlier poor high from B period.
If the ES opens Wednesday within Tuesday’s range the base of the late day spike at 2018.25 could be an early day trading reference, if more serious money was involved versus just short term short covering that level should hold. But the mechanical price level at the L and M period lows suggest short term traders buying at that level. Tuesday’s trading range could be looked at as a double distribution, with two separate balance areas.
Tuesday also left another prominent point of control at 2012.25, near the May monthly low. Very wide points of control, or the “fairest price”, are often revisited in future trading sessions.Share