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Daily Review / One Delta Zone goes neutral and then a second Delta Zone forms at new market highs
One Delta Zone goes neutral and then a second Delta Zone forms at new market highs
The S&P500 Emini started the price rally to new highs today with buyers active just a few hours before the EU markets opened Friday. Thursday the ES rally continued to the 1007.75 level just prior to the close, followed by the initial period of the after hours session controlled by sellers driving price to the 996/997 levels. Buyers enticed by this pullback off Thursday’s 1007.75 high, controlled the order flow in the 996/997 level to initiate a rally. Buying conviction in the ES remained strong through the EU open and all through the US pre-market hours. By the ring of the opening bell we already had the ES ticking price levels within the Delta Zone of resistance 1013.00 to 1016.00 zone of price. This return of price all the way back to the previously formed Delta Zone of resistance put sellers into defensive action, now watch how they handled it….
Video 1
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