ES Monday 8-3-15

Good morning to all. Let us start with the daily view. We can see that we continue being in this balance area and there is no getting out of it yet. I would even consider the past 3 days to be a mini-balance area from 2104.75 to 2088. On Friday we tried breaking out of this area to the upside and failed so we shall see if we can break out of it today. These extremes could possibly be important references on Monday.

Greenies: 2123.5, 2118.75, 2112.75, 2104.75/2105.5, 2091 and 2066.75

Click image for original size

Click image for original size

The 3 day balance mentioned earlier is noted as the horizontal blue lines on the chart below. We can see that the high on Friday was coincidental with a greenie. The TPO profile almost has a dual bell like structure to it with the VPOC being on the bottom half and the POC on the top half. We can see that the POC was outside the defined balance area so I am not too sure what to make of it but that could be taken as a bullish sign. We can also see that the value developed to overlapping to higher on Friday in spite of the lower close. Was that simply late day liquidation before the weekend? Note the poor low in the L and M periods so that is something that needs to be cleaned up eventually.

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On the split profile we can see a lot more detail for the day. We can see that in the C, E and F periods the market tried taking out the open and high of the day but failed to do so. That was followed by a likely liquidation break with the buyers throwing in the towel. The I/J period highs at 2102.25 looks like an important pull back high that should be monitored on Monday to see whether the market can break through it easily or not. We can almost kind of feel how the market started liquidating in the G period, over did itself and corrected itself in the N period.

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This is another earnings week so keep an eye out on the calendar for it.

Good luck to all.
the low has been cleaned up.... now what?
arrival at the 2091 greenie
30 min VPOC at 96.5. we are opening right there as we hear the 2091 greenie sing, "how do you like me now"
Could you please explain what are Greenies. thanks
developing VPOC from the past
Good afternoon NewKid, which area would be a good selling candidate in yr opinion? 2089 ie the G break of C period?