As we know ES broke out of the 38.50 - 54.75 balance area on Thursday and re tested the balance area that formed from the May 29th to June 4th. On Friday buyers failed to get ES above Thursdays 29.25 VPOC and so today if buyers are to take back control we are going to need to see them push above the 29.25 area.
The LVN at 32.75 will then be the next area that Sellers will need to defend if we are to continue selling off. However if buyers can push through the 32.75 LVN then id expect us to retest the bottom of the balance at 38.50 where id expect to see sellers step in on first test.
We then have NVPOC @ 43.25 and 47.00 which if we test them today id expect to see sellers step in on first test.
However if sellers continue to sell and defend the 29.25 level then we could see selling continue down to 1919, where buyers would need to step in to avoid a further liquidation down to the NVPOC @ 1912.25 where id expect buyers to step in on first test.
Fridays profile left us with a poor high that would need to be repaired at 31.75 so id like to see us auction higher off the open to repair this and then see if we can get to the 32.75 LVN.
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