At the time of this post the US futures are trading near the high value node at 1043 levels.I doubt that there exists much upside for that market from here today, but the question which is open is whether it manages to close above that level.
I’m going to turn my attention to the football game coming up, and take it up tomorrow,but wanted to post this chart of the Nifty.
My interest in the ES this evening is only to know where the Nifty will open tomorrow. As mentioned we were anticipating a gap open.
The chart is that of the Nifty future for the past 5 sessions.
The yellow horizontal lines show price acceptance for these days or value being created. The move up yesterday afternoon was rejected this morning by a single print selling tail from 5289 levels to 5272. This was a zone where the auction didn’t happen the rest of the day.( second arrow).
So tomorrow can we auction above 5272 and in the 5272 to 5320 zone? If we do and stay above 5272 then I would consider that as the first step in the move to 5367.
We will also observe if the ES manages to stay above 1043.