9:35 AM CT - I've added the piece of occupation past times nautical chart to demo how book has built betwixt 1161 too 1162, amongst no NYSE TICK readings at a important level. That is consistent amongst a arrive at trade. I'm watching to run into if nosotros tin remain below that 1161 surface area on weakness, every bit nosotros oscillate unopen to VWAP.
Notice how book has unopen off this morn below the 1158 cost inwards the ES futures (long arrow above). We tin likewise run into how selling pull per unit of measurement area too book dried upward from the 3:30 AM CT bar to the 4:30 AM bar (short arrow above). Given yesterday's mightiness to rally off the 1156-1157 level, that's setting upward a meaningful back upward surface area for this morning's trade. Yesterday's high at the 1165 grade sets upward every bit resistance, every bit nosotros consolidate recent strength. I'll endure watching to run into how nosotros merchandise relative to VWAP; it wouldn't surprise me to run into arrive at merchandise oscillate unopen to that VWAP grade every bit purpose of that consolidation of marketplace position strength.
Stay tuned; I'll update this morn perspective next the open.
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