Home / Uncategorized / The S&P500 Emini first tests near term inventory support and then ends the day with a test of near term inventory resistance
The S&P500 Emini first tests near term inventory support and then ends the day with a test of near term inventory resistance
The market started the cash session today with a test of near term support of the 991′s in the first hour. The ES held 991.25 for today’s low of day which was 1 tick above yesterday’s 991.00 low of day (EVERYONE BUY, BUY, BUY, we have a technical higher low now…jk..LOL!!!). The mid part of the day held the 999.00 level for a high pivot prior to a pullback move to the 994.25 level. This pullback move drove held LONG inventory entered off the 991.25′s bounce to cover and go neutral. Right after those neutralized LONG holders were turned into weaker hands, the equities side started their BUY program fun for our late day rally. The ES traded all the way back up to near term inventory resistance just into the last minutes of the close with 1003.25′s traded…..cool!
Video 1
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