First key support on the /ES at 1451 where Thursday’s single print buying tail starts and converges with Wednesday’s value area high. Should trade sustain below this level we can expect a retest of the value area low and naked volume peak down at 1445-1446.
A rotation to these lows would represent a giveback of all last weeks gains and a blow to buyer confidence. However I will remain constructive on my longs if we remain above this level.
Directing all our attention to Friday’s profile, you will notice three distinct peaks in the volume. I’m giving the most weight to 1458.75 which is also the volume control point and the final settlement price of last week. However, I’m pivoting from the lowest high volume node at 1456.25, which is where price has traded most during the globex premarket.
